Sportradar has formally begun the IPO process.
The Switzerland-based data firm announced Tuesday that it had filed paperwork with the SEC to start the process of going public. The company says it plans to list on the Nasdaq under the ticker symbol SRAD. It did not release a potential price range, nor the number of shares it plans to offer.
Sportradar spent much of 2020 and early 2021 pursuing two paths toward becoming a public company—both the traditional IPO route and talking to special purpose acquisition companies (SPACs) about a merger. The company got deep into the process with a SPAC led by Los Angeles Dodgers owner Todd Boehly, including a signed letter of intent at a $10 billion valuation, but the parties were ultimately unable to finalize a deal.
Sports data, which Sportradar buys from leagues and government bodies and then sells to media companies and gambling operators, has grown more valuable in recent years as countries like the U.S. and Canada move to legalize sports betting. That’s created more opportunities for Sportradar, not just in data but also in new areas like media and marketing.
Sportradar’s investors include the NFL and a trio of NBA owners—Michael Jordan, Mark Cuban and Ted Leonsis. It was valued at $2.4 billion in a minority stake sale back in 2018.
J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will serve as lead book-running managers for the proposed IPO, according to the document. Bank of America Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will be additional joint book-running managers.