Encore Files for IPO — Hopes to Raise $500 Million

Blackstone–backed Encore has filed a registration statement with the Securities and Exchange Commission for a proposed IPO on the New York Stock Exchange under the ticker “ECR.”

Encore is seeking to raise about $500 million, according to Renaissance Capital.

The company, which calls itself the world's largest B2B event production company, is banking on the continued strength of the live events industry.

It has been in business for 85 years, has more than 13,000 employees, and has preferred-vendor contracts at approximately 2,200 venues across 23 countries. 

Revenue climbed from $3.2 billion in 2024 to $3.4 billion in 2025, and average revenue per event has climbed nearly 88% since 2019.

Encore serves as the on-site AV and production partner inside properties operated by Accor, Hilton, Hyatt, IHG, and Marriott.

In a letter to prospective shareholders, Encore president and CEO Ben Erwin frames the IPO as an opportunity to expand the company's access to capital and "continue to innovate new products and services" for customers and venue partners. 

Encore's adjusted EBITDA reached $466 million in 2025, with a 13.7% margin.

The filing is candid about its headwinds. Encore has posted net losses for three years running: $132 million in 2023, $176 million in 2024, and $27 million in 2025, and carries $2.3 billion in long-term debt. Total event count has declined slightly since 2023, even as per-event revenue has risen.

Moving Beyond Hotels 

The company’s growth plan extends beyond its core hotel footprint into corporate campuses, stadiums, arenas, and experiential venues, a move underscored by two acquisitions in late 2025.

Encore first acquired Eclipse, a UK-based event production firm. Then FIRST, a global brand-experience and event marketing agency focused on the technology, financial, and professional services sectors. 

The FIRST deal happened in December, 2025, expanding Encore’s ability to deliver events across any location, not just inside its contracted venue network.

Erwin described the addition of FIRST as allowing Encore to serve customers “on-site, off-site, and anywhere events are held.” This helped the company evolve from an in-hotel AV provider to a full-service event experience platform.

The IPO timeline remains unclear, and Encore is unable to comment publicly until the quiet period ends. But for the meetings and events industry, the offering will serve as a market signal, either affirming investor appetite for live events infrastructure or revealing the limits of how Wall Street values a business built inside hotel ballrooms.