DraftKings aims to raise $567m from US public offering

Sports betting and daily fantasy sports operator DraftKings has announced plans to launch a public offering of new shares in the US, with the aim of raising $567m.

The offering will include 14m shares of new Class A common stock, with existing shareholders to sell a further further 19m of shares.

The selling stockholders may also grant the underwriters a 30-day option to buy up to an additional 4.95m shares of Class A common stock.

DraftKings said it would use any proceeds from the sale of its common stock for general corporate purposes, though it would not receive any proceeds from the sale of stock from existing stockholders.

Read the full story on iGB North America.