theScore announces US IPO
Toronto-based Score Media and Gaming has announced an initial public offering in the United States.
theScore will offer a total of 5m Class A shares, which will be listed on the Nasdaq under the symbol ‘SCR.’ The company will continue to trade on the Toronto Stock Exchange under the same symbol.
theScore said its offering will be conducted “through a syndicate of underwriters led by Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital, as joint book-running managers.”
The company plans to use net proceeds of the offering to fund working capital towards its growing sports betting operation, theScoreBet.
theScore’s IPO timing could coordinate well with single-game sports betting development in the Canadian legislature. Last week Canada’s House of Commons overwhelmingly voted in support of the Safe and Regulated Sports Betting Act, which would enable Canadians to bet on individual sporting contests.
theScore has been one of the top public proponents of single-game sports betting legislation in Canada.
“Today’s development in the House of Commons, focusing on the legalization of single event sports betting in Canada, is a significant step forward in the process to amend an outdated law,” said John Levy, CEO of theScore said last week. “The positive outcome of today’s vote demonstrates the continuing momentum and strong cross-party support for this issue. We expect that the legalization of single event sports betting will facilitate the introduction by provinces and territories of a much-needed modernized sports betting framework in their respective jurisdictions that can include important consumer protections and the ability to generate new revenue streams for provincial and territorial governments.”
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