Score Media & Gaming Inc.
(Note: IPOScoop has “No Call” on this offering. This is not an IPO. This is an offering of Class A subordinate voting shares on the NASDAQ by a company whose stock already trades on the Toronto Stock Exchange under the symbol “SCR.” On Feb. 19, 2021, the Class A shares closed on the Toronto Stock Exchange at C$46.06 or US$36.52, based on the Canadian dollar/U.S. dollar exchange rate, as quoted by the Bank of Canada.)
We empower millions of sports fans through our digital media and sports betting products. Our media app ‘theScore’ is one of the most popular in North America, delivering fans highly personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players. Our sports betting app ‘theScore Bet’ delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. We also create and distribute innovative digital content through our web, social and esports platforms.
The offering’s proceeds will be used to expand theScore Bet’s (the app’s) operations in the United States and Canada.
Revenues for the year ended Aug. 31, 2020, and Aug. 31, 2019, were $20.7 million and $31.1 million, respectively. This decline in revenue for the period reflects the direct impact of the disruption to the sports calendar caused by the COVID-19 pandemic. EBITDA loss for the year ended Aug. 31, 2020, was $30.5 million, compared with EBITDA loss of $6.5 million in the same period in 2019, an increase of $24.0 million, largely attributable to the revenue decline caused by the COVID-19 pandemic.
(Note: Score Media & Gaming priced its Class A stock offering on Feb. 24 by upsizing the number of shares – to 6 million from 5 million in the prospectus – and pricing the shares at $27 each – below the US$36.52 close on Feb. 19 of the Class A shares on the TSX – to raise $162 million. Estimated proceeds at the $36.52-per-share price were $182.6 million. The stock is set for a NASDAQ debut on Feb. 25, 2021.)
|Industry:||Media & Gaming|
|Address||500 King Street West, Fourth Floor Toronto, ON M5V 1L9|
|View Prospectus:||Score Media & Gaming Inc.|
|Revenues||$ mil (last 12 months)|
|Net Income||$ mil (last 12 months)|
|Price range||$27.00 - $27.00|
|Est. $ Volume||$162.0 mil|
|Manager / Joint Managers||Morgan Stanley/Credit Suisse/Canaccord Genuity/Macquarie Cap;ital|
|CO-Managers||Eight Capital/Cormark Securities/Scotia Capital|
|Expected To Trade:||2/25/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|