Wanda's sports arm hopes to raise $500m via New York float

Chinese private conglomerate Dalian Wanda Group Co Ltd plans to list its sports arm in the Nasdaq exchange in New York as the company keeps making inroads into the international market and strengthen the operation of its sports business.

The Beijing-based Wanda Sports Group holds shares in Infront Sports & Media and the Ironman long-distance triathlon brand, among other top global assets. It filed an application on Friday and aims to raise $500 million through its IPO on the Nasdaq. It will use some of the proceeds to repay loans related to group restructuring, according to its prospectus.

As one of the largest sport events and marketing platforms, Wanda Sports posted sales revenue of 1.12 billion euros ($1.23 billion) in 2018, and a profit of 54 million euros. For the three months ended March 31, 2019, the company reported revenue of 245.6 million euros and a loss of 8.6 million euros, the company said in its filing.