PointsBet raises AUD$215.1m from ASX share placement

PointsBet, which placed its ordinary shares at a price of $10.00 each, said the placement drew interest from Australian and international investors, as well as both existing and new institutional shareholders. 

A total of 21,506,682 will be issued as part of the placement, with these due to be placed on 5 August and begin trading on 6 August.

Proceeds will be joined together with funds from a previously announced entitlement offer to total approximately $400.0m.

“We are very pleased with the level of support from our existing shareholders and other new institutional investors for the offer,” PointsBet group chief executive Sam Swanell said. “We see the success of the placement element of our offer as a clear endorsement of PointsBet’s long-term strategy.”

As part of the raising, PointsBet will make a one-for-nine accelerated pro-rata renounceable entitlement offer of new shares, with retail rights trading at an offer price of $8.00 per new share, in order to raise approximately $184.9m in gross proceeds.

The institutional component of the offer will begin today (30 July) and close tomorrow, with the retail component to commence on 6 August and conclude on 20 August. Retail rights trading will be available between 4 August and 13 August.

PointsBet shares will remain in trading halt until the institutional entitlement offer ends, with normal trading of shares on the ASK set to resume from 4 August.  

The placement comes after bookmaker PointsBet yesterday reported a 153.9% year-on-year revenue increasein 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.