NEW YORK (AP) — Shares of SFX Entertainment Inc. fell in their trading debut Wednesday after the dance music promoter raised $260 million in its initial public offering.
The New York-based company produces dance music events around the world, including Tomorrowland and Life in Color. Through planned acquisitions, it expects to own the rights to Electric Zoo and Stereosonic. It also operates Beatport, an online music store that sells electronic dance songs.
SFX Entertainment priced its IPO at $13 per share. The stock fell $1.11, or 8.5 percent, to close at $11.89 Wednesday.
The company said that it will use the money it raised to pay for acquisitions. Its shares are trading on the Nasdaq stock exchange under the ticker symbol "SFXE."