Genius Sports to sell over $450m in shares in new stock offering
Sports data and technology firm begins underwritten public offering of 20 million ordinary shares
Genius Sports has begun an underwritten public offering of 20 million ordinary shares, according to a release issued by the sports data and technology firm on June 8.
The provider’s stock price closed at $19.82 on June 7 on the Nasdaq Stock Exchange.
The offering consists of 12 million shares being sold by Genius, and eight million shares made available by existing shareholders.
In addition, Goldman Sachs, which is leading the offering, will have the option to purchase an additional three million shares for itself. The underwriters have been granted a 30-day window to exercise that option.
The value of the combined 23 million shares was just under $456m at Genius’ closing price of $19.82 on June 7. Genius, which will only receive proceeds from the shares it sells itself, intends to apply the net proceeds from the offering to general corporate purposes.
The biggest individual seller, according to the filing, is London-based private equity fund Apax, which is making available 5.7 million of its more than 66 million existing shares.
Genius went public via a merger with special purpose acquisition company (SPAC) dMY Technology Group in April in a deal that valued the data and analytics provider at $1.5bn.
The same month, Genius struck a multi-year partnership with the NFL, making Genius the official data provider for all of the league’s games. As part of the deal, the NFL received approximately a 5% equity stake in Genius.
Following the announcement of the stock offering, shares of Genius Sports were down 3% in pre-market trading on June 8.