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Sept. 7, 2021, 8:12 a.m. EDT

Online betting company Sportradar eyes $500 million in IPO proceeds

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By Steve Gelsi

Swiss-based online betting service Sportrader Group AG on Tuesday said it plans to offer 19 million shares at $25 to $28 per share in its upcoming initial public offering under the symbol SRAD on the Nasdaq. Based on the midpoint of the range, the company will raise about $504 million. With about 1.1 billion Class A and Class B ordinary shares to be outstanding after the IPO, Sportradar will have a market capitalization of about $29 billion based on the midpoint of the IPO price range. The company generated $26.1 million of net income and revenue of $478 million in 2020. Sportradar is selling Class A ordinary shares in the IPO. Following the IPO, founder and CEO Carsten Koerl will be the only holder of Class B shares and will hold about 82% of the voting power. Entities affiliated with Eldridge and Radcliff Management LLC agreed to buy $159 million of Class A shares at the IPO price, as part of the deal. J.P Morgan, Morgan Stanley, Citigroup and UBS Investment Bank are joint bookrunners on the IPO, with several other banks also underwriting the offering.

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