Perform Valued At £586m For Flotation

Digital sports rights firm Perform has announced that it is to float on the stock exchange at 260p per share, giving a market capitalisation of £586m.

Perform, which counts US billionaire Leonard Blavatnik as its largest shareholder, is the first digital media company since Moneysupermarket.com in 2007 to float on the main market of the London Stock Exchange.

The company, which is 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% of its equity and has raised proceeds of £67.5m for ‘strategic acquisitions and to exploit more fully organic growth opportunities’.

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