Bookmaker BlueBet closed its initial public offering ahead of schedule on Friday due to overwhelming demand as it raises $80 million at $1.14 per share.
The company has now locked in more than six cornerstone investors and demand exceeded the supply of shares on offer.
The prospectus will be lodged on Tuesday.
The bookbuild opened on Tuesday last week and investors will be advised of their allocations on Monday.
DataRoom revealed BlueBet’s listing plans on February 4.
It is a profitable online sportsbook operation founded by Michael Sullivan in 2015 and investors have been told that the debt-free company has sustainable growth and strong margins.
It has at least 80,000 registered customers, 25,000 of which were active last year.
The funds raised from the listing will help to grow its Australian operations and enter the United States sports wagering market.
Currently, its share of the online wagering market is 0.6 per cent.
Revenue has increased 63 per cent in the past year to $267 million last year, as the number of bets placed surged in the last three months of 2020.
When it lists on July 2 on a normal settlement basis, the company’s market value will be $228.1 million and including debt, will be $178.5 million.
Working on the IPO are Morgan’s and Ord Minnett.
The pricing equates to 4.9 times the group‘s revenue for 2021 including debt.
It comes after EMR Capital’s copper miner 29Metals on Friday priced at $2 per share which was the lower end of the range.
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