Sportradar Group, a sports betting and analytics company, disclosed the parameters of its proposed IPO this week, announcing plans to generate $504 million by selling 19 million shares at a price range of $25 to $28.
Sportradar Group would have a market value of $29.4 billion at the midpoint of the proposed range, according to IPO expert Renaissance Capital.
The company filed a registration statement on Form F-1 with the Securities and Exchange Commission (SEC) last month in connection with its planned initial public offering (IPO) of ordinary shares.
Sportradar plans to issue its common stock on the Nasdaq Global Select Market under the ticker symbol “SRAD” after the proposed IPO is completed.
In addition to the IPO, the company expects to raise an additional $159 million in a private placement with Eldridge, Radcliff Management companies, and other investors. The IPO and private placement shares comprise only 2.3 percent of the total outstanding shares.
The proposed offering’s principal book-running managers are JP Morgan, Morgan Stanley, Citigroup, and UBS Investment Bank. JP Morgan and Morgan Stanley are the only financial firms involved in the IPO who are allowed to disseminate copies of the preliminary prospectus, which will be used to make the offering alone.
Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank, and Telsey Advisory Group will act as co-managers for the planned offering, while BofA Securities, Deutsche Bank Securities, Jefferies, and Canaccord Genuity will operate as additional joint book-running managers.