Sportradar Drops in Trading Debut After $513 Million IPO (2)

Sportradar Group AG opened its U.S. trading debut at its initial public offering price and fell from there, giving the sports data provider a market value of $7.4 billion.

The company sold 19 million shares for $27 each to raise $513 million after marketing them for $25 to $28. After opening trading Tuesday at the IPO price, the shares fell as much as 10% and closed down 7.2% to $25.05 in New York trading.

A $159 million private placement was also set to take place with the IPO, according to the company’s filings with the U.S. Securities and Exchange Commission. ...