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Source: Jo Panuwat D, Shutterstock
Summary
- Online sports betting platform Esports Technologies (NASDAQ:EBET) launched its initial public offering (IPO) on Thursday, April 15.
- Its stocks took off to record a whopping 500 per cent gain on its very first day.
- The Las Vegas-based company had initially set an IPO share price range of US$ 5 to US$ 6 and had planned to offer about 2 million shares.
- In the end, however, its finalized an IPO price of US$ 6 per share and decided to sell about 2.4 million shares.
Online sports betting platform Esports Technologies (NASDAQ:EBET) launched its initial public offering (IPO) on Thursday, April 15, and immediately took off to record a whopping 507 per cent gain on its very first day on the stock markets.
The Las Vegas-based company had initially set an IPO share price range of US$ 5 to US$ 6 and had planned to offer about 2 million shares.
In the end, however, it finalized an IPO price of US$ 6 per share and decided to sell about 2.4 million shares.
©Kalkine Group 2021
This brings the online esports betting company’s expected proceeds from the offering up to US$ 14.4 million.
Esports Technologies stocks opened trading at US$ 21 on the Nasdaq exchange on Thursday, before skyrocketing by xx per cent to a high of US$ 37. The stock finally closed trading for the day at US$ 36.5.
In the early premarket trading hours of Friday, April 16, the debutant stock reflected a growth of about 29 per cent (8.38AM EST)
What Do We Know About Esports Technologies?
Esports Technologies describes itself as a provider of products and technology required for “advanced electronic sports wagering”.
©Kalkine Group 2020
In the competitive field of online sports gambling, the company comes into the public trading domain alongside with peers Esports Entertainment Group (NASDAQ:GMBL) and Score Media and Gaming Inc (TSX:SCR)
Esports Technologies reported a revenue of about US$ 196,000 in the fiscal year ending 30 September 2020, as per the company’s latest filings. It also reported incurring a net loss of US$ 573,000 for same time period.
