Sportradar aims to raise as much as $612 million in its initial public offering, valuing the company at $8.3 billion, according to an updated prospectus filed with the Securities and Exchange Commission this morning.
The Swiss sports data giant plans to sell up to 21.85 million shares at a price between $25 and $28 a share, according to the document. At the same time, the company will sell $159 million of shares to a group of investors, headlined by Todd Boehly’s Eldridge Industries, in a concurrent private placement. The deal will accomplish Boehly’s goal of buying into Sportradar, something he was unable to execute through his special purpose acquisition company, Horizon II.
Sportradar has been seeking to go public since last year and had been pursued by Boehly’s SPAC for much of that time. Sportradar and Horizon II SPAC had a deal to merge and go public earlier this year, but the transaction ran head-long into the market-wide stall of the PIPE market—the bridge financing often used by SPACs to bring more cash to close a deal. With the inability to secure PIPE financing for the deal, which valued Sportradar at $10 billion, the sports data company opted for an IPO. Horizon II and Sportradar never confirmed any merger deal was in place. Sportradar declined to comment on today’s filing. Eldridge didn’t immediately return a request for comment.
Eldridge, which owns part of the Los Angeles Dodgers, DraftKings and 13 other sports-related entities, is joining with other investors—including Radcliff Management, already owner of 5.2% of Sportradar—to buy 6 million shares, or about 2%, of the business, if the IPO prices at the range midpoint of $26.50. Other investors in the private placement aren’t disclosed. Eldridge is a Connecticut-based conglomerate controlled by Boehly and includes Swiss medical device billionaire Hansjorg Weiss as an investor. Eldridge is an investor in PMRC, the joint venture between publishing companies MRC and Sportico parent Penske Media Corp.
Sportradar’s revised prospectus also discloses that founder Carsten Koerl will control the voting of the business through 904 million Class B shares, each of which have 10 times the voting power of Class A common shares. Koerl is the only owner of the supervoting shares, which can be converted into class A shares at a rate of one class A for every 10 class B shares. Based on those figures, Sportradar will have 295.64 million diluted shares. That means the IPO is offering 7.4% of the business to the public, if underwriters use their option to buy 2.85 million shares. At the midpoint of the offering price, it values Sportradar at $7.8 billion. Last week, an earlier version of the prospectus disclosed the NHL scores equity in Sportradar at its IPO.
Timing of the IPO isn’t set, however the deal is likely being sold to institutional investors this week, and Sportrtadar will begin trading next Tuesday, according to information compiled by IPO Scoop, an IPO tracking website. The company will trade on the Nasdaq Stock market under the ticker SRAD.