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Sportradar files documents for IPO in US

Sportradar Group AG has formally begun an Initial Public Offering (IPO) process in the US.

ipo

The company has filed a registration statement with the Securities and Exchange Commission (SEC) to start the process of going public.

The firm did not release a potential price range, nor the number of shares it plans to offer.

This comes after Sportradar's attempt of becoming a public company via a special purpose acquisition company (SPAC). The parties involved were ultimately unable to finalise a deal.

The Switzerland-based firm said it plans to "list its common stock on the Nasdaq Global Select Market under the ticker symbol SRAD."

J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will serve as lead book-running managers for the proposed IPO. Bank of America Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will be the additional joint book-running managers.

Sportradar buys sports data from leagues and government bodies and then sells to media companies and gambling operators.

The industry has grown more valuable in recent years as countries such as the US and Canada move to legalise sports betting.

The company has over 150 sports league partners and provides data to more than 900 sports betting operators, including DraftKings, which also went public through a SPAC, and FanDuel. 

Sportradar is the official partner of the NBA, NHL, MLB, NASCAR, FIFA and UEFA.

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