Sportradar Group AG SRAD, -7.22% received a less-than-cheerful reception on Wall Street, as the Switzerland-based sports betting and entertainment company’s stock opened in line with the initial public offering price, then fell below it. The company raised $513.0 million as it sold 19.0 million shares in the IPO, which priced at $27.00 a share, or in the middle of the expected range of between $25 and $28 a share.
The stock’s first trade was at $27.00 at 12:30 p.m. Eastern for 1.9 million shares. The stock has since fallen below the IPO price, to be down 2.8% in recent trading. Sportradar’s upbeat debut occurred on a day that the Renaissance IPO ETF IPO, -0.27% rose 0.9% in TK trading while the S&P 500 SPX, -0.57% fell 0.2%.