Sportradar, Service Provider for Sports Betting, Files for IPO
Sportradar Group, a sports-data company, filed with the SEC Tuesday to raise up to $532 million in an initial public offering on the Nasdaq exchange.
The St. Gallen, Switzerland, company plans to offer 19 million shares at $25 to $28 each. That means a total of $475 million to $532 million.
At the midpoint of the price range, Sportradar would have a market capitalization of $29 billion, MarketWatch reports.
The company said a group of investors, including entities affiliated with Eldridge and Radcliff Management, will snap up another $159 million of stock at the IPO price.
Sportradar posted profit of $26.1 million on revenue of $478 million for 2020. It plans to use the ticker SRAD.
The company, founded in 2001, provides data for sports betting and sports entertainment. Its customers include sports federations, news media, and sports betting operators.
It’s an official partner of the National Basketball Association, National Hockey League, Major League Baseball, Nascar and the Union of European Football Associations.
Last month, Sportradar, and online sports betting titan FanDuel Group unveiled an extension of their partnership, which makes Sportradar the chosen data or odds supplier for U.S. sports to FanDuel through 2028.
Sportradar has more than 2,300 full-time workers in at least 20 countries.
Meanwhile, shares of online sports betting company DraftKings (DKNG Get DraftKings Inc. (DKNG) Report have risen since Aug. 27, as the company makes inroads in western states.
The Oregon Lottery Commission made DraftKings the official partner for its mobile betting program, switching from rival Scoreboard.
Oregon allows only one sports betting operator. Some other states allow in-person and mobile betting operations for several companies.