TheScore launches US IPO to fund US and Canada betting expansion
Toronto-headquartered operator will list on Nasdaq and continue to trade on Toronto Stock Exchange
TheScore has announced plans to launch a US IPO on the Nasdaq to fund its North American expansion.
The offering will be supported by the sale of five million Class A shares and will be conducted through a syndicate of underwriters led by Morgan Stanley, Credit Suisse, Canaccord Genuity, and Macquarie Capital.
The operator will be listed under the ticker symbol SCR and will continue to trade on the Toronto Stock Exchange.
TheScore expects proceeds from the IPO to help fund working capital and other general corporate purposes.
The capital will also help the operator expand its betting business by funding user acquisitions efforts in new states and Canada once the market opens up.
Its TSX shares rose to an all-time high of C$53.53 ($42.50) on February 12 after it announced a share consolidation.
Back in January, group CFO Alvin Lobo said the dual listing would provide compelling benefits to theScore and its investor base.