PointsBet raises $81 million AUD thanks to an institutional entitlement offer
The operator raised the additional funds on the Australian Securities Exchange (ASX) with the offer closing on August 2nd.
At closing, shares were priced at $8.00 for PointsBet.
Most of the entitlements (around 78%) were taken by current shareholders, both Australian and international.
The operator also executed a bookbuild. The final price for this came to $10.00 per share which equates to a 25% premium on the original offer.
10 million new shares will be used in the offer, settling on August 11th and trading on the 12th.
Previously, Pointsbet raised $215.1 million through an initial offering.
Between the amount raised via the initial share offering and the new amount raised via ASX, the total comes to approximately $400 million.
The next phase of the offer, the retail entitlement offer, begins on August 6th and finishes on August 20th. During this time, shareholders can take their entitlements, sell them, or allow them to be during the bookbuild process.
A 153.9% YOY revenue increase was reported for the fiscal year 2020-21 by PointsBet.
It amounted to $210.1 million, which is an increase of $128 million. From gaming, the operator’s net win was $208.5 million.