The offer closed yesterday (2 August) and drew interest from both Australian institutional shareholders and international investors, with shares priced at $8.00 each. Approximately 78% of eligible entitlements taken up by existing shareholders.
PointsBet also carried out a bookbuild for the institutional entitlement offer, which saw interest from existing and new investors. The final clearing price for the bookbuild was $10.00 per share, representing a premium of 25% on the original entitlement offer price.
Approximately 10 million new shares will be used as part of the offer, with these expected to settle on 11 August and commence trading the following day.
Following the closure of this process, PointsBet’s shares resumed trading on the ASX today (3 August).
Last week, PointsBet raised $215.1m via an initial share offering, with proceeds to be added to the funds raised during a previously announced entitlement offer to total approximately $400.0m.
The institutional entitlement offer formed part of this offering, with the retail element of the offer also due to begin later this week.
Running from 6-20 August, the retail entitlement offer will see eligible shareholders given the option to take up all or part of their entitlements, sell part of their entitlements or do nothing and allow their entitlements to eb offered for sale through the retail shortfall bookbuild process.
Entitlements not taken up through the offer will be sold via the retail shortfall bookbuild upon closing of the offer, with any proceeds in excess of the entitlement offer price to be remitted to the renouncing or ineligible shareholders.
PointsBet last week reported a 153.9% year-on-year revenue increase in its results for the 2020-21 financial year, ended 30 June.
Revenue came to AUD$210.1m (£111.4m/€131.0m), a rise of $128m compared to the operator’s revenue in its full year 2020 results. PointsBet’s total net win from gaming, however, was reported as $208.5m.