The recent finance offering from PointsBet, which drew interest from both Australian institutional shareholders and international investors, closed on 2 August. The shares were priced at $8.00 each, with approximately 78% of eligible entitlements taken up by existing shareholders. PointsBet also conducted a bookbuild for the institutional entitlement offer, which received interest from both existing and new investors. The final clearing price for the bookbuild was $10.00 per share, representing a premium of 25% on the original entitlement offer price.
As part of the offering, approximately 10 million new shares will be used, with settlement expected on 11 August and trading commencing the following day. Following the completion of this process, PointsBet’s shares resumed trading on the ASX on 3 August.
In addition to the recent offering, PointsBet raised $215.1m through an initial share offering, and the total funds raised, including the previously announced entitlement offer, are estimated to reach approximately $400.0m.
The retail entitlement offer, which forms part of this overall offering, is set to begin later this week, running from 6-20 August. Eligible shareholders will have the option to take up all or part of their entitlements, sell part of their entitlements, or do nothing and allow their entitlements to be offered for sale through the retail shortfall bookbuild process.
Any entitlements not taken up through the offer will be sold via the retail shortfall bookbuild upon closing, with any proceeds exceeding the entitlement offer price being remitted to the renouncing or ineligible shareholders.
PointsBet’s financial performance has been impressive, with a year-on-year revenue increase of 153.9% reported for the 2020-21 financial year, ended 30 June. The revenue amounted to AUD$210.1m, reflecting a $128m rise compared to the previous full-year results. However, PointsBet’s total net win from gaming was reported as $208.5m.
