Canadian sportsbook operator Score Media & Gaming (SCR) announced yesterday that it will commence a US IPO with the intention of raising $183 million. The move will see the company move its equity to the Nasdaq Global Select Market.
The Canadian company plans to offer 5 million shares at $36.52 as per the last close of its shares on Monday evening on the Toronto Stock Exchange. This would set the company’s market value at an estimated $1.8 billion.
The move sees the Toronto-based company follow in the footsteps of other sports betting companies publicly listed on the Nasdaq such as DraftKings (DKNG), Caesars Entertainment (CZR), and Penn National Gaming (PENN).
A statement released on the Score website stated that:
The Company currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating.
Score Media currently provides digital media content through its app ‘theScore’ that includes live scores, news, stats, and betting information on teams, leagues, and players. The company also has a sport betting app called ‘theScore Bet’ that is currently available in New Jersey, Colorado, Iowa, and Indiana.