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theScore raises $186.3m in over-allotted IPO


TheScore parent Score Media and Gaming has raised $186.3m after selling 6.9m shares in its initial public offering (IPO) on the Nasdaq exchange.

The Canada-based betting operator and media business sold all 6m shares allocated for the IPO, plus all 900,000 shares in its over-allotment option, at $27.00 each.

It added that it will use the funds from the IPO for general corporate purposes, including its expansion across both the US and Canada, where the operator has backed proposals for single-event sports wagering to be legalised.

The IPO was conducted through underwriters led by joint book-running managers Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital.

TheScore’s shares are now set to trade on the Nasdaq under the ticker symbol “SCR”. The business currently still trades on the Toronto Stock Exchange.

The plan to pursue a US listing was first announced in January, after the publication of the company’s financial results for the first quarter of its fiscal year.

In mid-February, theScore began consolidating its Class A and special voting shares ahead of the IPO, which saw one new Class A share issued for every 10 outstanding, with the same ratio applied to special voting shares.