Following previous week’s positive developments towards the approval of single-games sports betting by the Canadian government, Toronto based Score Media announced an initial offering of 5million class A shares to be listed on the Nasdaq. The company is already listed on the Toronto Stock Exchange.
Net proceeds of the offering will be used to fund working capital towards its growing sports betting operations, theScore Bet, in Canada and the United States. To date, within the United States, theScore Bet is operating in Colorado, Iowa, Indiana, and New Jersey, with plans to expand into additional states soon, pending receipt of required licenses and approvals.
Commenting on the announcement, theScore said that the IPO will be conducted “through a syndicate of underwriters led by Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital, as joint book-running managers.”