PlayUp is going public on the NASDAQ through a SPAC transaction that values the sportsbook operator at $350 million.
Thursday’s deal with IG Acquisition Corp follows a strategic review that included a possible sale. The transaction should close in the first quarter of 2023.
The valuation is $100 million lower than the reported $450 million sale to cryptocurrency exchange FTX that the company alleged former US CEO Laila Mintas sunk. An update from that lawsuit in July suggested Mintas was likely made the scapegoat, according to a court finding.
The new valuation is 9.6 times fiscal 2022’s gross revenue of $36.6 million. That is up 56% from $23.4 million in fiscal 2021.