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Tuesday, April 16, 2024
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Sportradar Plans to Raise $532M In IPO

  • Sportradar plans to raise as much as $532 million for an IPO.
  • The sports aggregator could have a market cap of roughly $29 billion.
Sportradar/Design: Alex Brooks

Sportradar plans to raise as much as $532 million for an IPO, per a regulatory filing on Tuesday. The sports data aggregator will offer 19 million Class A shares priced between $25 and $28 apiece.

As part of the transaction, entities affiliated with Eldridge and Radcliff Management have agreed to purchase $159 million worth of Class A shares at the IPO price. 

Sportradar has been expanding rapidly ahead of its debut as a publicly traded company. 

  • March: The company agreed to acquire Synergy Sports, a college sports data and video analytics provider. 
  • May: The company agreed to acquire InteractSport, an Australian sports data company with expertise in cricket.
  • August: It extended its partnership with FanDuel, making Sportradar its data and odds supplier for U.S. sports through 2028. 

Sportradar planned to go public in March via a merger with Horizon Acquisition Corp., a SPAC backed by Los Angeles Dodgers co-owner Todd Boehly, valuing the company at $10 billion. 

The deal dissolved following SEC-issued guidance that some SPAC investments shouldn’t be classified as equity, but as assets or liabilities. 

Sportradar pocketed $478 million in revenue in 2020 and generated $26.1 million of net income during the same period.

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