Games Global Flips on Planned IPO Just before Launch
Online casino games provider Games Global recently made headlines when it announced its plans to launch on the New York Stock Exchange. It's now made headlines once again with its unexpected decision to reverse course on its planned Initial Public Offering (IPO) just before its scheduled launch.
The New York Stock Exchange floor. (Source: Getty Images)
LISTEN TO THIS ARTICLE:The Isle of Man-based company had initially sought to raise a substantial $232 million through its IPO, aiming for a valuation that soared into the billions. However, as reported by Reuters, Games Global withdrew its IPO registration, citing "current market conditions" as the driving factor behind this decision.
There was strong investor interest in the public launch after the announcement was made just a couple of weeks ago. However, Games Global feels it's not the right time to move forward.
With a robust balance sheet, healthy margins and significant growth, the IPO was viewed as an accelerator rather than a necessity for Games Global's strategic plans. The company's leadership, including CEO Walter Bugno, believes "continued positive performance" in the US and other markets will drive Games Global forward without the need for the revenue the IPO may have produced.
Games Global's withdrawal from the IPO process, while unexpected, does not signal a retreat from its ambitious goals. The company added that it will continue to monitor the capital markets and remain open to reconsidering a public offering in the future.
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Established in 2021, Games Global has rapidly ascended to a leading position within the iGaming sector, boasting over 1,300 exclusive games and a record-breaking progressive jackpot network. The company operates with a bold mission, driven by creativity and passion, and has established itself as a powerhouse through its collaboration with over 40 in-house and partnered studios. Games Global's distribution channel is truly world-class, servicing more than 600 branded websites globally, which underscores its significant impact on the online gaming landscape.
The planned IPO by Games Global was poised to be a significant event, with the company looking to offer 14.5 million shares at a price range of $16 to $19 per share. This would have not only provided a substantial influx of capital but also would have marked a pivotal moment in the company's growth trajectory.
The anticipation for this IPO was heightened by the company's recent strategic moves. Among the latest products were an exclusive deal with the UFC for branded slot games and the launch of a new game, Area Link Dragon, further expanding its extensive portfolio.
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