Sportradar has confirmed its Initial Public Offering (IPO, with the aim of raising $504 million through floating of shares in addition to a further $159 million via concurrent private placements.
The Swiss-based sports data and technology company will offer 19 million shares at a price range of $25 to $28, with the concurrent private placements taking place with Eldridge, entities affiliated with Radcliff Management and other investors.
Shares floated in the PIO and private placement represent 2.3% of St Gallen-headquartered Sportradar’s basic outstanding, with the company currently commanding a market value of $29.4 billion at midpoint of the proposed range.
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.
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.
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, fuelled by the growth of the sports betting industry in the country.
Sportradar provides business-to-business data services to company’s operating in the sector – maintaining a portfolio of over 900 operator partners and supplying 85% of US sports wagering incumbents – and is also a partner of a number of major US sports leagues.
These sporting 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.