June 25 SFX Entertainment Inc, a promoter of events such as Belgium's Tomorrowland music festival, filed with U.S. regulators to raise up to $175 million in an initial public offering to fund its expansion in the fast-growing electronic dance music industry.
The New York-based company, headed by media mogul Robert F.X. Sillerman, bought the North American division of Netherlands-based ID&T Entertainment, which runs the three-day Tomorrowland festival, in January.
Tomorrowland, one of the largest electronic dance music festivals in the world, sold all 180,000 tickets to the 2013 event in one second.
The global market directly associated with electronic dance music is projected to be worth about $4.5 billion in 2013, according to the International Music Summit Business Report.
SFX said it intends to use the proceeds of the IPO to fund acquisitions, working capital and general corporate purposes.
UBS Investment Bank, Barclays and Jefferies are underwriting the IPO, SFX told the U.S Securities and Exchange Commission in a preliminary prospectus. ()
The filing did not reveal how many shares the company planned to sell or their expected price.
The company intends to list its common stock on the Nasdaq under the symbol "SFXE".
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.