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Sportradar targets US$8.3bn valuation from IPO

Swiss data firm looking to raise as much as US$612m from issue of 19m shares.

8 September 2021 Ed Dixon
  • Sportradar to also sell US$159m of shares to investors, including Todd Boehly’s Eldridge
  • Company set to begin trading on 14th September, according to IPO Scoop

Sports betting and broadcast solutions provider Sportradar is planning to raise as much as US$612 million from its initial public offering (IPO) in the US.

According to an updated prospectus filed with the US Securities and Exchange Commission (SEC), the Switzerland-based firm is seeking a US$8.3 billion valuation from the sale of 19 million Class A ordinary shares, which are priced between US$25 and US$28.

Timing of the IPO has not been set, but IPO Scoop reports that Sportradar will begin trading on 14th September.

One of Sportradar’s existing shareholders will also grant the underwriters a 30-day option to purchase up to an additional 2.85 million shares at the IPO price, less underwriting discounts and commissions.

JP Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will continue to act as lead book-running managers for the proposed offering. BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity are acting 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.

In addition to the shares sold in the public offering, Sportradar announced that entities affiliated with Todd Boehly-owned Eldridge, Radcliff Management, as well as certain other investors, have agreed to purchase US$159 million of Class A ordinary shares.

Eldridge already has stakes in the likes of Major League Baseball’s (MLB) Los Angeles Dodgers and gambling giant DraftKings, while Radcliff currently owns 5.2 per cent of Sportradar.

Sportradar formally began proceedings for an IPO in the US last month, though its initial registration statement did not reveal the number of shares due to be offered or the prince range for the offering.

The move came after the collapse of a proposed merger between Sportradar and Horizon Acquisition Corp. II, a special purpose acquisition company (SPAC), in June.

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