Sports betting and entertainment provider Sportradar Group has today announced the company’s intention to commence its roadshow for the initial public offering of 19 million of its Class A ordinary shares, with an expected 30-day option to purchase an additional 2.85 million shares. The application notes that Sportradar will trade on the Nasdaq Global Select Market under the ticker symbol SRAD.
Through the IPO, the company hopes to raise up to $532m which could see Sportradar’s market value total to $29.4bn.
UBS Investment Bank, Morgan Stanley, Citigroup and J.P. Morgan will act as lead book-running managers according to the proposed offering. Furthermore, BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will act as joint book-running managers. Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank, and Telsey Advisory Group will act as co-managers for the proposed offering.
The offering, which has been made by means of a prospectus, also sees entities affiliated with Eldridge, Radcliff Management LLC and certain other investors agree to purchase $159m aggregate principal amount of class A ordinary shares at a price per class A ordinary share equal to the initial public offering price.
The public offering is currently awaiting confirmation from the SEC. In the meantime, the shares may not be sold until the registration statement becomes effective.
Founded in 2001, Sportradar provides sports federations, news media and sports betting platforms with information to help grow their business. The company covers around 750,000 sporting events annually and is an official partner of the NBA, NHL, MLB, NASCAR and FIFA.
