Skip to main content
Canada’s most-awarded newsroom for a reason
Enjoy unlimited digital access
$1.99
per week
for 24 weeks
Canada’s most-awarded newsroom for a reason
$1.99
per week
for 24 weeks
// //

Switzerland-based sports data provider Sportradar Group AG’s shares opened flat in their market debut on Tuesday, valuing the company at nearly US$8-billion.

The sports-betting and data firm took the IPO route to go public after abandoning plans for a merger with a special purpose acquisition company (SPAC) earlier this year.

“We have been agreeing on a dual-track for a SPAC and an IPO, and that was from the very beginning,” founder and chief executive officer Carsten Koerl said in an interview.

Story continues below advertisement

“During the SPAC process, which we evaluated, we found out that Eldridge and Todd Boehly is an excellent partner.”

Sportradar said entities affiliated with Eldridge and Radcliff Management LLC, as well as some other investors, would buy US$159-million of its Class A ordinary shares at the IPO price.

The company sold shares at US$27 per Class A ordinary share in the offering to raise net proceeds of US$672-million, which it could use to drive growth and acquire or invest in companies.

Its IPO comes as the U.S. capital market rekindles after a summer hiatus. A bull run earlier in the year had seen cryptocurrency exchange Coinbase Global, South Korea’s Amazon equivalent Coupang and several other richly valued startups debut to strong investor reception.

20-year-old Sportradar provides software, data and content through subscription and revenue share arrangements to sports leagues, betting operators and media firms.

It serves more than 1,600 customers across 120 countries, including DraftKings, Twitter and ESPN, and is an official partner of the National Basketball Association, the National Hockey League and the NASCAR.

Backed by the likes of Canada Pension Plan Investment Board, basketball legend Michael Jordan and billionaire Mark Cuban, the company posted a more than 6-per-cent jump in revenue last year to €404.9-million (US$479.56-million).

Story continues below advertisement

Its adjusted profit before interest, taxes, depreciation and amortization — a metric that excludes one-time costs — rose to €76.9-million from €63.2-million in the period.

“The focus is at the moment crystal clear on the United States. It’s the biggest growing market in the world for sports betting,” CEO Mr. Koerl said.

Sportradar listed on the Nasdaq under the ticker symbol “SRAD.” JP Morgan, Morgan Stanley, Citigroup and UBS Investment Bank acted as lead book-running managers.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies