Motorsports Games upsizes IPO to raise up to $60 million, as expected pricing also increases

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Motorsport Games Inc. increased the number of shares it was selling in its initial public offering, as the expected pricing of the IPO also increased. The Miami-based racing game developer now expects to offer 3 million shares in the IPO, up from plans to offer 2.35 million shares disclosed on Jan. 6, as the company now looks to raise up to $60 million. The expected pricing of the IPO rose to $19 to $20 a share from $16 to $18 a share. The new expected pricing range could value the company at up to $340 million. Canaccord Genuity and Benchmark are the joint book-running managers. For the nine months ended Sept. 30, the company recorded net income of $875,419 on revenue of $16.11 million, after a loss of $2.95 million on revenue of $9.57 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 19.8% over the past three months while the S&P 500 has gained 10.0%.
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