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 2^nd.

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 11^th and trading on the 12^th.

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 6^th and finishes on August 20^th. 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.