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Jan. 11, 2021, 6:54 a.m. EST

Motorsports Games upsizes IPO to raise up to $60 million, as expected pricing also increases

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By Tomi Kilgore

Motorsport Games Inc. /zigman2/quotes/223777027/composite MSGM +3.38% increased the number of shares it was selling in its initial public offering, as the expected pricing of the IPO also increased. The Miami-based racing game developer now expects to offer 3 million shares in the IPO, up from plans to offer 2.35 million shares disclosed on Jan. 6, as the company now looks to raise up to $60 million. The expected pricing of the IPO rose to $19 to $20 a share from $16 to $18 a share. The new expected pricing range could value the company at up to $340 million. Canaccord Genuity and Benchmark are the joint book-running managers. For the nine months ended Sept. 30, the company recorded net income of $875,419 on revenue of $16.11 million, after a loss of $2.95 million on revenue of $9.57 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.46% has rallied 19.8% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.14% has gained 10.0%.

/zigman2/quotes/223777027/composite
US : U.S.: Nasdaq
$ 27.82
+0.91 +3.38%
Volume: 69,417
Feb. 24, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$469.58 million
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 69.06
-0.32 -0.46%
Volume: 363,171
Feb. 24, 2021 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,925.43
+44.06 +1.14%
Volume: 2.78B
Feb. 24, 2021 5:20p
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