Shares of sports data stalwart Sportradar Group (SRAD) closed 7% below the initial public offering price Tuesday in its first day of trading.
The stock finished at $25.05, down from the IPO price of $27. The IPO price implied a valuation of $21 billion.
The company sold 19 million Class A shares, raising $513 million. There will be 1.11 billion Class A and Class B shares outstanding after the offering.
St. Gallen, Switzerland-based Sportradar provides data to major players in the sports gambling industry, including Facebook, Google, FanDuel, DraftKings and William Hill.
Last month, Sportradar, and online sports betting titan FanDuel Group unveiled an extension of their partnership, which makes Sportradar the chosen data or odds supplier for U.S. sports to FanDuel through 2028.
The company has partnerships with the NBA, MLB, NHL and Nascar, among other leagues and federations.
“We have a public face now, and that is super helpful for attracting more talent to our business,” said Sportradar Chief Executive Carsten Koerl, according to Sportico. “And of course, at the IPO we also get some proceeds, and we can use this to invest in growth.”
Sportradar, founded in 2001, posted profit of $26.1 million on revenue of $478 million for 2020.
The Oregon Lottery Commission made DraftKings the official partner for its mobile betting program, switching from rival Scoreboard.
Oregon allows only one sports betting operator. Some other states allow in-person and mobile betting operations for several companies.