Better Collective prepares to dual list shares in Copenhagen by Q4 2023
No offering of shares will be carried out in connection with the dual listing, Better Collective said, so the change will not have any impact on the number of shares outstanding in the company.
Rather, the company is expected to engage a liquidity provider for its shares listed in Copenhagen.
The liquidity provider will own a certain volume of Better Collective shares, and its role will be to facilitate trading in the company’s Danish shares by quoting prices within an acceptable range on either the buy or sell side in the market, the company said.
Danske Bank and Nordea are acting as financial advisers and joint global coordinators on the dual listing.
Law firms Bech-Bruun and Setterwalls are acting as legal advisers to Better Collective, while Plesner is acting as legal adviser to the joint global coordinators.
“Being a Danish-incorporated company and with our headquarters in Copenhagen, dual listing in Denmark is a natural next step for Better Collective,” said the company’s co-founder and CEO Jesper Søgaard.
“Since the Swedish IPO in 2018, we have significantly grown the business adding value for our shareholders, while putting forward a new vision to become the leading digital sports media group.
“Combined with the fact that we experience an increased interest in our company from both current and potential institutional investors in Denmark, we believe now is the right time to dual list in Denmark.”Better Collective board chairman Jens Bager added: “The company is stronger positioned today than ever before and has embarked on an ambitious journey to become the leading digital sports media group.
“The listing in Sweden five years ago has been instrumental in contributing to the development of the business as it stands today, and now it is natural to dual list in Denmark where the company has its headquarters.
“We look forward to initiating dialogue and inviting more Danish investors to take part in that journey.”
Public trading history
Better Collective went live on Nasdaq Stockholm via an IPO in 2018.
The company’s home remains in its native Copenhagen, however, where it recently unveiled a new five-storey, 6,000 square metre headquarters.
Since its IPO, the company has experienced rapid organic and non-organic growth, as it has been involved in the acquisitions of 33 businesses across different parts of the world.
That growth has helped the business develop from having a monthly audience across its brands of around 7 million in 2017, to more than 180 million today.
In its latest financial report, Better Collective celebrated its best ever Q2 as it generated quarterly revenue of €78.1m, up 39% year-on-year.
The business expects to generate revenue between €315m and €325m in the full-year 2023, with EBITDA before special items of between €105m and €115m.
Shares in the company have increased by over 250% since its IPO, when they debuted at SEK68.