Swiss technology company Sportrader launched its Initial Public Offering (IPO) yesterday on NASDAQ. With $27 per share, the sports-data company raised $513. The company saw its shares fall 7.2% during its first trading day. The shares closed at $25.05 each, valuing the company at $7.4 billion. Additionally, a $159 million private placement took place, bringing the total proceeds from the IPO and private placement to $672 million. The proceeds will be used to support the company’s growth and developments plans.
Backed by Michael Jordan and Mark Cuban, Sportradar is the leading global provider of sports betting and sports-entertainment products and services and the number one provider of business-to-business (“B2B”) solutions to the global sports betting industry based on revenue. It provides mission-critical software, data and content via subscription and revenue share arrangements to betting operators, sports leagues, and media companies.
Based in St. Gallen, the company currently counts over 150 sports league partners and covers over 750,000 events annually across 83 sports for 900+ sports betting operators. Over the past months, the company has demonstrated high growth and profitability, with a revenue of $318 million in the first half of 2021, 42% more than the previous year.
(Press release/RAN)
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