Motorsport Games, a leading developer of racing games being spun out of Motorsport Network, raised the proposed deal size for its upcoming IPO on Monday.
The Miami, FL-based company now plans to raise $59 million by offering 3 million shares at a price range of $19 to $20. The company had previously filed to offer 2.4 million shares at a range of $16 to $18. At the midpoint of the revised range, Motorsport Games will raise 46% more in proceeds than previously anticipated.
Motorsport Games was founded in 2015 and booked $18 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MSGM. Canaccord Genuity and The Benchmark Company are the joint bookrunners on the deal. It is expected to price during the week of January 11, 2021.
