Catapult Sports launches IPO roadshow

Financial Review

Melbourne technology company Catapult Sports has launched its initial public offering institutional roadshow to raise $12 million on the Australian Stock Exchange.

It is targeting a market capitalisation of about $66 million to fund its offshore expansion.

Catapult specialises in wearable tracking equipment that records an athlete’s performance. Wearable tracking devices and software analytics for professional sportsmen and women are increasingly important to sports scientists and coaches to measure player movement and fatigue during matches and training.

Baillieu Holst and Bell Potter will act as joint lead manager on the roadshow with private equity firm, Aura Capital as adviser to the offer.

The roadshow is scheduled to complete on Thursday with the company lodging the IPO prospectus after that.

Catapult has already raised $10 million pre-IPO from Australian investors, including $3.6 million from Disruptive Investment Group, run by chairman Adir Shiffman and Aura Capital’s Calvin Ng. The group was Catapult’s first investor. BRW Young Rich list member Stuart Marburg and US billionaire Mark Cuban also invested in the company.

The funds have been used to buy its biggest Australian rival, GPSports, as well as boost sales and marketing efforts in the US and Europe.

Catapult has at least six of the 30 NBA teams as clients.

The firm also works with 400 elite sports organisations around the world, including English football clubs, several Olympic sports and college teams.

Mr Cuban’s investment in Catapult has helped the company launch its name in the US.

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