Sports data technology company Sportradar has confirmed its intention to launch an Initial Public Offering (IPO) of its ordinary shares and complete a listing on the NASDAQ Global Market.
In an announcement this morning, the data collection and distribution firm relevant that it had filed a registration statement on Form F-1 with the Securities and Exchange Commission (SEC), and will register on the NASDAQ under the ticker symbol SRAD.
The Switzerland-based company has received the support of J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank, which will act as lead book-running managers for the proposed offering, whilst BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will act as additional joint-book runnings managers.
Meanwhile, the IPO will also be served by Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank and Telsey Advisory Group, which will function as co-managers.
JP Morgan and Morgan Stanely are the only financial institutions involved in the IPO permitted to distribute copies of a preliminary prospectus, by which the offering will be made.
However the price range for the offering has not yet been determined, and although Sportradar has filed a statement relating to the proposed sale of its securities with the SEC, this has also not yet become effective.
Sportardar’s securities cannot be sold prior to the time this registration statement becomes effective – and the firm will also be unable to accept any offers to buy during this timeframe.
Additionally, any sales of securities in a state or jurisdiction in which offers, solicitation or sale would be unlawful before Sportardar completes its NASDAQ registration or qualification under the securities laws of said jurisdictions is also prohibited.
The IPO announcement builds on a strong year for Sportradar, which has experienced global expansion in various markets, in particular the US, partially fueled by the growth of the sports betting industry, which the firm provides business-to-business data services to.
The company is currently a partner of the National Basketball Association (NBA), National Hockey League (NHL), Major League Baseball (MLB), NASCAR, the Baltimore Ravens and New York Jets of the National Football League (NFL) and prominent betting and gaming firm Bally’s in the US, whilst also maintaining partnerships with FIFA and UEFA.