theScore raises $186.3m in over-allotted IPO
| By Daniel O'Boyle
TheScore parent Score Media and Gaming has raised $186.3m after selling 6.9m shares in its initial public offering (IPO) on the Nasdaq exchange.
The Canada-based betting operator and media business sold all 6m shares allocated for the IPO, plus all 900,000 shares in its over-allotment option, at $27.00 each.
It added that it will use the funds from the IPO for general corporate purposes, including its expansion across both the US and Canada, where the operator has backed proposals for single-event sports wagering to be legalised.
The IPO was conducted through underwriters led by joint book-running managers Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital.