Better Collective has informed shareholders of its intentions to seek a secondary listing on the Nasdaq Copenhagen exchange.
The sports betting and gaming media publisher is currently listed on the Nasdaq Stockholm but is seeking to be a dual-listed firm by hopping over the Oresund Bridge to list in its native Denmark.
Shareholders were notified that the purpose of the secondary listing is not to issue more shares or raise new capital, but rather to enhance its standing in Denmark, where the firm is headquartered.
CEO Jesper Søgaard stated: “A dual listing in Denmark is a natural next step for Better Collective. Since our Swedish IPO in 2018, we have significantly expanded the business and added value for our shareholders while advancing our vision to become the leading digital sports media group.
“Given the increased interest in our company from both current and potential institutional investors in Denmark, we believe now is the right time to dual list in Denmark.”
The board of Better Collective has reaffirmed its FY2023 targets, in which it projects revenues between $330m-340m and EBITDA in the region of $110m-120m.
Long-term goals from 2023 to 2027 include achieving a Revenue CAGR of over 20%, maintaining EBITDA margins of 30-40% before special items, and keeping its net debt-to-EBITDA ratio below 3x.
The firm has long held the US as a key growth region and efforts are ongoing to ensure that it is a market leader in the affiliate space. Better Collective runs brands such as Action Network, Vegas Insider and Playmaker HQ in the US.
Chairman Jens Bager commented: “Better Collective has demonstrated significant growth both before and after the IPO in 2018. The company is stronger today than ever before and is on an ambitious path to becoming the leading digital sports media group.”
“The entire management team, led by the company’s founders, has built a resilient business and, notably, a robust organization that will enable Better Collective to expand its footprint within the digital sports media world further. We now anticipate initiating dialogue and welcoming more Danish investors to join us on this journey.”