Canadian media company theScore set the price Wednesday for its initial public offering (IPO) in US markets.
The Toronto-based outfit officially goes up for offer Thursday on Nasdaq (SCR) at a price of $27 per share. TheScore initially planned to put up 5 million Class A shares but decided prior to the launch to increase that figure to 6 million.
The parent company of theScore Bet sports betting app saw its board of directors and shareholders approve a dual listing in the US earlier this year. It also is listed on the Toronto exchange, where shares will open today just below $38.
theScore IPO stock price details
The company’s quarterly earnings call last month first portended the news of a dual listing on Nasdaq. The company’s handle increased to $55.8 million in the first quarter.
“We believe a U.S. listing would benefit our business and shareholders as we seek to further execute on the growing opportunity in the rapidly developing North American sports betting market,” theScore founder and CEO John Levy said in a statement. “As the only fully integrated mobile sports media and gaming company in North America, theScore is uniquely positioned to grow our footprint and capitalize on the expansion of legalized sports betting and iGaming across the U.S. and Canada.”
TheScore Bet currently operates its mobile platform in four states:
What’s next in the US
While theScore’s impact in the US sports betting market remains muted to date, efforts to legalize Canada sports betting appear promising. A successful launch north of the border could provide some momentum for theScore, either for its own ambitions or as an attractive acquisition target.
Toronto-based Eight Capital analyst Suthan Sukumar told LSR last month that theScore could be positioned well for the red-hot US M&A market:
“I absolutely think theScore is an attractive takeout target,” Sukuamar said. “Think about the asset these guys have built. It’s the only real media and betting platform that’s actually working. Everyone talks about it but no one truly has a platform like this. It’s a very attractive target for an online gaming incumbent or a land-based player to accelerate their digital strategy.”
The company joins DraftKings, Golden Nugget, and Rush Street Interactive among US sports betting operators going public.