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theScore Graduates to Nasdaq, Broadcasts 5 Million-Share US IPO | Bet-Now
  • Wed. Jul 28th, 2021

theScore Graduates to Nasdaq, Broadcasts 5 Million-Share US IPO

ByBet-Now

Feb 23, 2021

Posted on: February 22, 2021, 03:16h. 
Final up to date on: February 22, 2021, 03:38h.

Todd Shriber Learn Extra

Canadian sportsbook operator and sports activities media firm Rating Media & Gaming is commencing a US preliminary public providing (IPO). The transfer units the stage for the agency to maneuver its fairness to the Nasdaq World Choose Market.

Rating Media CEO John Levy. His firm is planning a US IPO and a transfer to the Nasdaq. (Picture: USA As we speak)

The information comes barely greater than week after the corporate revealed plans for a reverse cut up. That company motion decreased the shares excellent whereas rising the share value, better positioning the gaming operator to acquire an inventory on a serious US alternate.
In a press release launched after the shut of US markets Monday, Rating Media stated it plans to promote 5 million shares within the US IPO. Underwriters Morgan Stanley, Credit score Suisse, Canaccord Genuity, and Macquarie Capital could have 30-day window by which they’ll buy an extra 15 p.c, that means the providing might embrace as many as 5.75 million shares.

The Firm at present expects that the online proceeds of the providing will likely be used to fund working capital and different common company functions, together with the continued progress and enlargement of theScore bet’s operations in the USA and Canada by supporting the multi-jurisdiction deployment and operation of theScore bet and consumer acquisition and retention in jurisdictions the place theScore is, or will likely be, working,” in accordance with the assertion.

The corporate’s Ratingbet cellular app is at present dwell in Colorado, Indiana, and New Jersey.
theScore is Transferring on Up
Information of the IPO and Nasdaq commencement caps a busy, optimistic interval for Rating Media. Final week, Canada’s parliament permitted single-game sports activities betting.

Previous to passage of that laws, theScore was broadly highlighted as one of many greatest beneficiaries of its dwelling nation modernizing sports activities wagering. The operator enjoys superior model recognition and powerful market share in Canada.

Concerning the US itemizing, that’s a win for Rating Media, as a result of it places the inventory in entrance of a wider institutional viewers at a time when enthusiasm for iGaming and sports activities wagering equities is reaching a fevered pitch. Moreover, itemizing on a serious US alternate will increase an organization’s entry to capital.
theScore IPO Particulars
The Toronto-based firm didn’t say precisely how a lot will likely be raised by way of the US IPO. Slightly, it famous the “providing will likely be priced within the context of the market, with phrases, together with value per share, to be decided on the time of coming into into an underwriting settlement with the underwriters.”
It’s US over-the-counter-traded shares closed at $30.59 as we speak. Assuming an providing value of $30 and a sale of the complete allotment of 5.75 million shares, theScore will increase $172.5 million. However that determine hasn’t been confirmed by the corporate.
When the inventory lists on Nasdaq, it can commerce below the ticker “SCR” — the identical identifier the corporate makes use of for its Toronto Inventory Alternate (TSX) itemizing. The TSX itemizing will likely be maintained following the US IPO.
The information can be a boon for Penn Nationwide Gaming (NASDAQ:PENN), as a result of the regional gaming behemoth and upstart sports activities betting participant owns 4.7 p.c of Rating Media. Assuming traders have urge for food for theScore shares, Penn has an appreciating asset sitting on its books and one it will probably simply divest ought to it want capital.

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