Sportradar, the international sports data intelligence and digital content service provider, has today listed details for its upcoming – and long-awaited – initial public offering, in which it plans to raise $504 million.
It hopes to raise the funds by offering 19 million shares on the Nasdaq stock exchange, with the price ranging between $25 and $28, and then intends to secure an extra $159 million in a simultaneous private placement to a group of investors including Eldridge and Radcliff Management.
The shares to be floated through the IPO reportedly represent just 2.3 per cent of the company's basis shares, and, using the midpoint of the price range, the offering would value the company in total at $29.4 billion.
The firm will be keen to get this IPO off the ground, after initially planning to launch through a special purpose acquisition company (SPAC) in January, only for talks with a leading company in that space to then fall through.
It is expected to go public next week (13 to 17 September).
Sportradar plans to list on the Nasdaq under the symbol SRAD and has said the following banks and financial institutions are joint book runners on the deal: J.P. Morgan, Morgan Stanley, Citi, UBS Investment Bank, BofA Securities, Deutsche Bank, Jefferies and Canaccord Genuity.
Copies of a preliminary prospectus, which constitutes the first form of the IPO, were made available from the New York offices of JP Morgan and Morgan Stanley in mid-August, at which point the company also filed the necessary registration statement with the Securities and Exchange Commission (SEC) in the US.
Across the sports world, Sportradar has deals in place with top-tier leagues such as basketball’s NBA, ice hockey’s NHL, baseball’s MLB and motor racing's Nascar, as well as similar arrangements with soccer governing bodies Fifa and Uefa.
The service provider has recently been building up its business in the US, in the country’s newly-liberalised betting landscape.
The planned IPO earlier this year, for which Sportradar signed a letter of intent with US-based Horizon Acquisition Corp II (a SPAC), would have valued the firm at $10 billion.
However, the deal fell through earlier this summer, with reports it had been impacted by Sportradar losing its betting data rights contract with American football’s NFL.