Canada’s Score Media launches US IPO
The IPO takes the company a step closer to moving its equity to the Nasdaq Global Select Market.
Canada.- Canadian sports betting and sports company Score Media & Gaming plans to raise $183m in an initial public offering (IPO) in the US.
The step is part of the company’s plan to move its equity to the Nasdaq Global Select Market.
In a filing to SEC on Monday, the Toronto-based company, which operates theScore and Score Bet sports gambling brands, said it plans to sell 5m shares at $36.52 apiece.
Since underwriters Morgan Stanley, Credit Suisse, Canaccord Genuity, and Macquarie Capital will have 30 days to purchase an additional 15 per cent, the offering could reach as many as 5.75m shares.
Score Media said in a statement: “The Company currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the United States and Canada.”
At present, ScoreBet’s mobile app is live in Colorado, Indiana, and New Jersey.
The company has been looking for approval to list on a US exchange after its shares surged by 266 per cent driven by the expectation that Canada will legalise single-event sports betting.
