Sportradar files for IPO
The top line
Sportradar filed paperwork on Tuesday with the SEC to start the process of listing on the Nasdaq stock exchange under the ticker symbol SRAD. The listing included a placeholder offering size of $100m.
In its filing, the company said H121 revenues increased 42% YoY to €272.1m ($318.6m) with profits dropping to €18m from €20m during the same period last year.
Prize fighter: Sportradar is the latest sports data and betting services company to seek a listing following on from Genius Sports de-SPAC earlier this year. Other rivals include the to-date unlisted Stats Perform as well as IMG Arena, part of the Endeavor group which also IPO’d earlier this year with a value of over $10bn.
A-list: Sportradar’s investors include NBA owners Mark Cuban, Michael Jordan, Ted Leonsis, the NFL and the Canada Pension Pension Plan Investment Board. The company has decided to go with a traditional IPO after plans to carry out a SPAC-led listing with Todd Boehly’s Horizon Acquisition Corp. II were pulled in June. JP Morgan, Morgan Stanley, Citigroup and UBS will act as lead book-running managers for the proposed offering, with BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity also on the ticket.
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