theScore: US IPO brought in $186.3m
Proceeds will be used to continue the company’s expansion in North America.
Sports betting operator Score Media and Gaming Inc., which operates as theScore, on Monday said it has closed its marketed public offering of Class A shares in the US and Canada.
The company said a total of 6.9m Class A shares were sold, at a price of $27 per share, for gross proceeds of $186.3m.
The shares will be listed on the Nasdaq Global Select Market.
The offering was conducted through a syndicate of underwriters, with Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital as joint book-running managers, and Eight Capital, Cormark Securities Inc. and Scotiabank as co-managers.
The company’s sports betting app, known as theScore Bet, is currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. The app offers personalized live scores, news, stats, and betting information for users’ favorite teams, leagues and players.
theScore also creates and distributes digital content through its web, social and esports platforms.
The company said net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the US and Canada.
Specifically, the funds will be used to support multi-jurisdiction deployment and operation of theScore Bet by enabling user acquisition and retention, the company explained.
Score Media previously was publicly traded on the Toronto Stock Exchange.
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