Right now is a great time to be getting into sports betting stocks. With the kickoff of the NFL season last Thursday, users (and their dollars) are flocking to sports gambling platforms at a higher frequency than you see any other time of the year. Sportradar (NASDAQ:SRAD) obviously knows that, as it’s holding its initial public offering (IPO) during one of the busiest times of the year for sports betting stocks. But what do investors need to know about the SRAD stock IPO?
Sportradar CEO Carsten Koerl made an appearance at the Nasdaq Exchange this morning to ring in the company’s first day of trading as a public company. Koerl was joined onstage by two accomplices, one of whom is a well-known and powerful asset for a sports betting company to have at its side. Who else was at the SRAD stock IPO, and how is SRAD stock doing on its first day? Here’s everything you need to know.
SRAD Stock IPO Kicks Off With Volatility During Price Discovery Period
- Sportradar is a sports betting and data company based in Switzerland.
- The company leverages its real-time data technology to put data across all major sports into the hands of users. Its goal is to provide the fastest possible data updates to its users.
- The company also offers a managed trading services (MTS) product, allowing users to create their own sportsbooks. Companies can also leverage Sportradar’s MTS tech with third-party services in order to make their own unique products.
- Sportradar’s most valuable marketing asset by far is its partnership with investor and basketball legend Michael Jordan.
- The company filed for its IPO back in August.
- On Monday, the company revealed pricing for the public offering. Shares for today’s opening were set at $27. A total of 19 million shares are available to investors.
- Koerl, Jordan and Todd Boehly — another main investor — converged on the Nasdaq floor this morning in order to ring in the company’s public offering.
- The SRAD stock IPO kicked off officially at 12:30 EST, and the play was met with a bit of volatility.
- Shares dipped and surged multiple times throughout the afternoon, but ultimately, SRAD closed its first day down 7.2%. A total of 12.8 million shares of the 19-million-share offering were exchanged.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.