Score Media Files For US IPO Listing

By Ben Hamill - February 25 2021
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Score Media Files For US IPO Listing

Canadian gaming, betting, and sports media giant Score Media and Gaming has filed for a US IPO to the value of $183 million. Score filed for the IPO on Monday, and said it expects the SEC to raise the full anticipated value via the initial public offering.

The plan is to raise the anticipated value by offering for sale a total of 5 million shares priced at $36.52 per share – a price equal to the last close of shares on the Toronto Stock Exchange. The proposed price per share could very well see the gaming and media giant make its way to a market value of at least $1.8 billion.

The net proceeds of the offering are expected to be used to fund the continued growth and expansion of the brand by making available disposable working capital.

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About Score Media

Score provides sports-focused products – both in general media as well as in the sports betting arena. Its media-app, “theScore”, is well-known for its live provision of live scores, stats, news, and general sports betting information and tips. It provides info on teams, individual players, leagues, etc.

So successful has Score’s media app become, that for the 12 months leading up and including November 2020, it ranked 3rd overall in North America, and 1st in Canada. The popular theScore Bet sports betting app is currently available for the placing of bets in New Jersey, Iowa, Indiana, and Colorado.

Score Media and Gaming furthermore creates and makes available digital content via its social media, web-based, and esports (competitive video gaming) platforms.

Proudly Canadian Product

Founded locally in Toronto, Canada, in 2012, the company by the time November 2020 rolled around, had managed to book an incredible $16 million in revenue.

In addition to its IPO plans, it also hopes to list on the Nasdaq under the symbol “NCR”. The main joint bookers on the deal include Credit Suisse, Canaccord Genuity, Macquarie Capital, and Morgan Stanley. This listing is due to go live any day, and is connected to the initial public offering. All Class A shares will continue to trade on the Toronto Stock Exchange (TSX).

The pricing, said Score Media and Gaming in a statement earlier this week, is based on the context of the market’s terms and current expectations. The company also confirmed that the underwriters/bookrunners would be granted a so-called “allotment option”, which will be exercisable for a period equal to 30 days (1 month) calculated from the date of the closing of the public offering.

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