Sports data and technology company Sportradar has moved forward with its launch of an Initial Public Offering (IPO) on the Nasdaq Global Market, offering 19 million shares.
The firm aims to raise an initial $504 million through floating of the shares at a price of between $25 and $28, whilst a further $159 million will be generated via a concurrent private placements with Eldridge, entities affiliated with Radcliff Management and other investors.
In total, the shares floated in the PIO and private placement represent 2.3% of the St Gallen, Switzerland-headquartered company’s basic outstanding, with the firm currently commanding a market value of $29.4 billion at midpoint of the proposed range.
Sportradar first confirmed its intention to pursue an IPO last month, filing a registration statement on Form F-1 with the Securities and Exchange Commission (SEC) relating to a public trading of its ordinary shares, having abandoned its plans for a SPAC public listing earlier in the year.
Sportrdar will complete its listing on the Nasdaq Global Market under the ticker symbol SRAD, with banks JP Morgan, Morgan Stanley, Citigroup and UBS Investment Bank supporting the proposed offering as lead book-running managers.
Additionally, BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will act as additional joint-book running managers. However, JP Morgan and Morgan Stanley are the only financial institutions involved in the IPO permitted to distribute copies of a preliminary prospectus, by which the offering will be made.
The firm’s decision to publicly trade on the Nasdaq follows strong momentum this year, having experienced global expansion in various markets and in particular the US, having secured data partnerships with a number of major American sports leagues and teams.
Notable clients include the National Basketball Association (NBA), National Hockey League (NHL), Major League Baseball (MLB), NASCAR and the Baltimore Ravens and New York Jets of the National Football League (NFL) in the US, whilst also maintaining partnerships with FIFA and UEFA.
Additionally, the firm provides business-to-business data services to company’s operating in the sports betting sector, maintaining a portfolio of over 900 operator partners and supplying 85% of US sports wagering incumbents such as FanDuel.