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Wanda Sports snubbed by Wall Street after downsized IPO

US investors unconvinced on conglomerate's ambitious pivot

Wanda Sports closed 36% lower than its initial offering price after a downsized listing.   © Reuters

NEW YORK -- Wanda Sports Group missed the kick in its Wall Street debut Friday, closing at $5.16 per American depositary share -- below its initial public offering price of $8.

The Nasdaq-listed unit of Chinese conglomerate Dalian Wanda Group raised just $190 million in its IPO, selling fewer shares at a lower price than previously sought, after having already downsized the listing from its original $500 million target.

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