Sportradar files for a $100 million IPO following legalization of sports betting in the US

The number of shares to be offered and the price range for the offering have not yet been determined and J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will act as lead book-running managers for the proposed offering. In its filing with the SEC, the company listed the size of the offering as $100 million, although it is seen as a placeholder likely to change

Sportradar Group AG announced August 17 that it has publicly filled a registration statement on Form F-1 with the Securities and Exchange Commission for the proposed initial public offering of its ordinary shares.

The global provider of sports betting and sports entertainment products intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “SRAD.” The number of shares to be offered and the price range for the offering have not yet been determined.

A press release announces that J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will act as lead book-running managers for the proposed offering, while BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will act as additional joint book-running managers.

Moreover, Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank and Telsey Advisory Group will act as co-managers for the proposed offering.

The IPO in New York aims at taking advantage of the legalization of sports betting in the US market, which is expected to continue growing at a fast pace, and comes after merger talks with a special purpose acquisition company collapsed, reports Bloomberg.

In its filing with the SEC, August 17, the company listed the size of the offering as $100 million, although it is seen as a placeholder likely to change.

Sportradar counts with over 150 sports league partners and provides data to more than 900 sports betting operators, including heavyweights DraftKings and FanDuel. During H1 2021, the company reported revenue of $318 million, up from €192 million 2020.

Last month, the company signed a 10-year deal for betting data and media rights with the NHL, which has been given the right to buy shares as part of the IPO. Other customers of the company include Major League Baseball.

In terms of recent acquisitions, the company bought sports data and tech firm InteractSport in May; and data and video analytics platform Syngergy Sports and marketing personalization platform Fresh Eight in March.