PointsBet valued at £156m after ASX float
Sports betting operator makes 37.5 million shares available for trading on ASX following IPO
PointsBet has begun trading on the Australian Stock Exchange (ASX) under the stock symbol PBH following an IPO.
The sports betting operator will have 37.5 million shares available for trading under the IPO, of a total 110 million, with the remaining shares held be existing owners.
Shares in the firm ticked up following the float from A$ 2.24 to A$2.6 at the time of publication, valuing the firm at approximately £156m.
The firm raised a little over £50m from the float, which it said would be used to fund its expansion in the US.
Sam Swanell (centre)
PointsBet CEO Sam Swanell said: “Similar to the way we allow fans to take part in sporting events, our public offering allows fans to take part in us, as a company and as a platform.
“The global public offering comes at a time of rapid growth for the company and industry and we are eager to utilise this momentum to make sports betting an exciting and rewarding experience for all of our customers,” he added.
PointsBet launched in Australia in 2017 and expanded into the US in January 2019.
The operator is headquartered in New Jersey and has also agreed a deal with Catfish Bend Casino in Iowa to build the firm’s first physical sportsbook in the US.
The firm also has a market access deal for New York.