TheScore has raised $186 million from its dual listing on the Nasdaq exchange in the United States.
The sportsbook operator said the transaction was completed Monday, with 6.9 million shares sold to underwriters. That was 900,000 more shares than initially planned, as the underwriters exercised their over-allotment option.
The offering was carried out at $27 per share, giving the company a market cap around $1.3 billion.
— John Levy (@scorecommish) March 1, 2021
Who bought shares of theScore stock?
The offering was conducted through a syndicate of underwriters as joint book-running managers:
- Morgan Stanley
- Credit Suisse
- Canaccord Genuity
- Macquarie Capital
Eight Capital, Cormark Securities Inc. and Scotiabank acted as co-managers.
Where will theScore spend the cash?
TheScore said it would use the proceeds to fund working capital and other general corporate purposes. It will invest in the deployment and operations of its sportsbook, including user acquisition and retention.
TheScore previously said the dual listing will also expose it to more investors and liquidity.
“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 a mobile platform in four states: