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Better Collective AS will place its shares on Nasdaq Copenhagen, supplementing the media group’s current trading on Nasdaq Stockholm.
In a corporate filing, the board of Better Collective disclosed plans to co-list the firm’s shares by Q4 2023, pending the fulfillment of customary conditions and approvals.
Investors were informed that no new shares would be issued in conjunction with the dual listing as Better Collective does not intend to raise capital from this endeavor. “The dual listing will not have any impact on the total number of shares outstanding in the company.”
The rationale for the dual listing is rooted in Better Collective’s status as a market-leading Danish business, founded and headquartered in Copenhagen.
CEO Jesper Søgaard stated: “A dual listing in Denmark is a natural next step for Better Collective. Since our Swedish IPO in 2018, we have significantly expanded the business and added value for our shareholders while advancing our vision to become the leading digital sports media group.
“Given the 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.”
Confident in its trajectory, the board of Better Collective has reaffirmed its FY2023 targets, projecting revenues of €315m-325m and EBITDA, before special items, of €105m-115m.
Long-term goals from 2023 to 2027 include achieving a Revenue CAGR of over 20%, maintaining EBITDA margins of 30-40% before special items, and keeping net debt to EBITDA below 3x.
A liquidity provider is anticipated to facilitate trading for shares listed on Nasdaq Copenhagen. Danske Bank and Nordea have been engaged as financial advisers and joint coordinators, with several legal advisers also appointed for the dual listing process.
Chairman Jens Bager commented: “Better Collective has demonstrated significant growth both before and after the IPO in 2018. The company is stronger today than ever before and is on an ambitious path to becoming the leading digital sports media group.”
“The entire management team, led by the company’s founders, has built a resilient business and, notably, a robust organisation that will enable Better Collective to expand its footprint within the digital sports media world further. We now anticipate initiating dialogue and welcoming more Danish investors to join us on this journey.”
