A sport data intelligence and entertainment provider backed by the Canada Pension Plan Investment Board is seeing its stock price recover following a disastrous first day on the Nasdaq.
Before making its debut on Sept. 14, Switzerland-based Sportradar Group expected to see its first public stocks trade between US$25 and US$27 — roughly in line with its $8 billion valuation. While trading opened at US$26.60, the stock price dipped by about nine per cent, to US$24.25, by mid-afternoon. It closed out its first day on the exchange with shares trading just above US$25.09.
The share’s fortunes changed during its second day on the market. By the end of trading on Sept. 15, the stock price settled at about $27, up seven per cent from its previous day’s closing price.
In 2018, when the CPPIB first acquired a 50 per cent stake in Sportradar, it was valued at just US$2.4 billion. At the time of the initial public offering, the CPPIB held a larger share of the business than any other outside investor.