Fanatics IPO Could Be Nearing Following Conclusion of Another Investor Day

Earlier this week, Fanatics wrapped up a second investor day, stoking speculation that the apparel giant and new sportsbook operator could be readying an initial public offering (IPO).
Michael Rubin’s Florida-based company reportedly held an investor meeting at the NBA Players Association’s (NBPA) New York headquarters on Tuesday. An unidentified source with knowledge of the matter told CNBC that the event was attended by 100 institutional investors and representatives from investment banks vying to book the IPO. Another 300 people participated in the meeting over Zoom.
Leaders from Fanatics’ primary businesses, apparel, collectibles, and Fanatics Betting & Gaming (FBG), were on hand to give presentations and answer questions from prospective investors. Following a December 2022 $700 million capital raise, Fanatics is valued at $31 billion. Should the company raise close to that amount or more, it would be one of this year’s biggest IPOs. Attendees at the Fanatics investor day were reported wooed by seven-time Super Bowl champion Tom Brady, who’s an early investor in the company. Brady is also a minority owner of the Las Vegas Raiders, and one of the companies in which he’s an investor does business with Fanatics rival DraftKings (NASDAQ: DKNG).
 
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