The supplier filed to list the shares on the Nasdaq Global Select Market last month, under the ticker symbol “SRAD”. The shares are expected to sell priced at between $25 and $28 per share.
A registration statement relating to the proposed sale of the shares has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective.
In addition to the shares sold in the public offering, one of the business’ existing shareholders expects to grant the offering’s underwriters a 30-day option to purchase up to an additional 2.85m shares at the IPO price, less underwriting discounts and commissions.
Based on the $25 to $28 per share price range, and should all 21.9m shares be sold, the supplier could generate proceeds of between $546.3m and $611.8m.
Sportradar also announced that entities affiliated with holding company Eldridge Industries, investment advisor Radcliff Management LLC, and certain other investors have agreed to purchase a $159.0m aggregate principal amount of shares at the initial public offering price.
J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will act as lead book-running managers for the proposed offering, with BofA Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity acting as joint book-running managers.
Needham & Company, Benchmark Company, Craig-Hallum, Siebert Williams Shank and Telsey Advisory Group will act as co-managers for the proposed offering.