Sportradar sets terms for $504m IPO with possible market value of $29.4bn

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Sports betting and data firm Sportradar Group has this week confirmed the terms for its proposed IPO, revealing plans to raise $504m by offering 19 million shares at a price range of $25 to $28.

According to IPO expert Renaissance Capital, at the midpoint of the proposed range, Sportradar Group would command a market value of $29.4bn.

Last month, the company publicly filed a registration statement on Form F-1 with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO) of its ordinary shares.

On completion of the proposed IPO, Sportradar intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “SRAD”.

Further to the IPO, the company plans to raise an additional $159m in a concurrent private placement to Eldridge, entities affiliated with Radcliff Management, and other investors. The shares floated in the IPO and private placement represent just 2.3% of the basic shares outstanding. 

JP Morgan, Morgan Stanley, Citigroup and UBS Investment Bank are acting as lead book-running managers for the proposed offering. JP Morgan and Morgan Stanley are the only financial institutions involved in the IPO permitted to distribute copies of a preliminary prospectus, by which the offering will be solely made.

BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will act as additional joint book-running managers, while Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank and Telsey Advisory Group will act as co-managers for the proposed offering.