DraftKings targets $1.66bn from share placement
| By Aaron Noy
DraftKings Inc is set to raise a further $600m from the new share placement it announced earlier this week after further details were released.
The Boston-headquartered business said the 32 million new shares will be available at a public offering price of $52.00 per share for a total offering size of $1.66bn (£1.29bn/€1.41bn).
That figure is significantly more than the $1.03bn proposed maximum aggregate offering price stated on Monday (5 October).
DraftKings, which intends to use the net proceeds it receives from the offering for general corporate purposes, will sell 16 million shares of its Class A common stock. Certain selling stockholders of DraftKings – including SBTech founder Shalom Mekenzie – will also sell 16 million shares of Class A common stock.