Perform Float Shares Valuing Company at USD958m

Digital sports rights firm Perform announced last Friday, April 8, that it is to float on the stock exchange at 260p per share, giving a market capitalisation of £586m (US$958m).

Perform is the first digital media company since Moneysupermarket.com, four years ago, to float on the main market of the London Stock Exchange.

The company, perhaps best known for delivering the online only broadcast of England versus Ukraine in 2009, had given guidance that the price range for the float would be 255p to 325p.

Perform’s two main sources of revenue are from distributing sports content to bookmakers and online media across the world, and revenue from ads running within content on its own and others’ websites.

The company has made an initial public offering of 25 per cent of its equity and has raised proceeds of £67.5m ($110.4m) for ‘strategic acquisitions and to exploit more fully organic growth opportunities’.

Perform has experienced a compound annual sales growth rate of more than 50 per cent over the past three years.