Sportradar completes $513m IPO and officially lists on Nasdaq
Sports betting service provider Sportradar has completed its initial public offering, and is now officially listed on the Nasdaq stock exchange.
Sportradar initially filed for the IPO back in August with J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank assigned as the lead book-running managers.
The filing revealed that Sportradar recorded revenue of €404.9m in 2020, a 6.4% year-on-year increase which would make it the industry’s largest sports betting solutions provider.
In addition to the common shares, underwriters were also given a 30-day option to purchase up to an additional 2.85 million shares at the IPO price.
The designated shares were not be subject to a lock-up agreement, which prohibits company “insiders” from selling shares for a certain period of time.
To mark the occasion, Sportradar CEO Carsten Koerl rang the exchange’s opening bell.
“Ringing the Opening Bell at the Nasdaq as a public company is a significant milestone in the history of Sportradar,” he said. “It is a testament to the ambition, originality and resourcefulness of our employees, the strength and commitment of our partners, the confidence and support of our investors and the vision of our customers.
“Moving forward, we’ll continue to propel digital transformation across the sports ecosystem as a result of our dedication to developing the most innovative products and solutions that drive fan engagement.”