Endeavor, the last black eye for the IPO market, investors say companies are too expensive

In a surprising move, Endeavor launched its IPO just before pricing, indicating a potentially more moderate market for other initial offerings, after Peloton Interactive's disappointing debut earlier Thursday.

The challenging market environment for such high-profile IPOs has been perceived as a negative factor for the broader market.

Endeavor Group Holdings was set to debut Friday, and the talent representation company announced Thursday that it would continue to evaluate the timing of its proposed offering based on changing market conditions.

Endeavor had already cut the range of the offer between $ 26 and $ 27 per share and reduced the number of shares to 15 million. He had planned an offer of 19.4 million shares between $ 30 and $ 32 per share.

"Demand is strong at values ​​below this range," said a source close to the offer.Investors still like the company, but not at the proposed introductory price.

Previously, Peloton, which sells treadmills and exercise bikes, had a poor first day on Wall Street. The long-awaited opening of the IPO program was $ 27 per share, about 8% lower than its offering price of $ 29. Platoon ended the day down 11.2% to $ 25.76. The company also sells subscriptions that allow customers to take an assortment of live and on-demand courses.

"He's following Peloton, he's following WeWork, it's a complete redesign of his IPO, I think it has broader implications in terms of valuation." The market says we're not going to not continue to pay these high multiples … These are the most visible for the fourth quarter, "said Peter Boockvar, chief investment officer at Bleakley Advisory Group.

According to Renaissance and CNBC data, 57 of the 120 IPOs that went public this year are trading at a discount to the bid price.

"Look at the action in technology." "You're looking at software stocks that are trading 20 to 30 times the sales." I think it's technology that has the most inflated valuations, and investors are getting more in addition discriminating with regard to valuations, "said Boockvar. . "And these highly publicized IPOs remain a valuation advice – just because it's a private company trying to become public, these investors are questioning your valuations."

Slack was trading about 13% less than its bid price; while Uber was close to 30% and Lyft is about 40% below its bid price.

The weakness of the IPO market contrasts with some exceptional performances. Beyond meat is the star with a gain of more than 500% since its IPO in May. Palomar is up about 140%.

-Gina Francolla and Dom Chu contributed to this story

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