Games Global, a developer of casino games for the iGaming industry, filed plans on Tues for a $100 trillion US initial public offering (IPO).
The Isle of Man-based society commenced trading operations inwards 2021 and is expected to switch on the New York Stock Exchange (NYSE) below the ticker “GGL.” Games Global’s production offerings include internet-based progressives, slots, tabularize games, and picture bingo, among others.
The company develops, distributes, and markets casino-style gaming content, and provides B2B solutions to online gaming operators. Games Global workings with 40 in-house and partnered studios, which have developed to a greater extent than 1,300 games o'er the past 20 years, all of which are now section of its portfolio,” according to Renaissance Capital, an IPO explore firm.
Pricing terms of the business deal haven’t been released nor has a day of the month for the offering, but J.P. Morgan, Jefferies, Macquarie Capital, and Barclays are listed as the articulate bookrunners on the transaction.
Games Global US IPO Another Blow to London
Games Global’s conclusion to listing inwards New House of York represents another puff to the capital of the United Kingdom Stock Exchange (LSE), which is losing business to competitor US bourses.
Some of that lost concern comes from the gaming industry. In January, FanDuel parent Flutter Entertainment (NYSE: FLUT) listed on the NYSE. Earlier this month, it was revealed the Dublin-based manipulator wants to shift its primary itemization to the NYSE from LSE, and plans to inquire shareholders for related commendation at its yearbook group meeting inward May.
Before Flutter listed on the NYSE, UK-based semiconductor shaper Arm Holdings launched an IPO that saw it eschew capital of the United Kingdom inwards favor of New York. Some market observers believe Brexit is behind the spate of UK-based companies pursuing New York listings.
Others fence that no matter of industry, UK firms tin can command broader investor audiences, higher valuations, and deeper access to great and liquidity inwards New York.
Games Global IPO Could Be Appealing
While legislative efforts to spread out the cohort of US states permitting iGaming in arrears the stream identification number of 6 failed this year, net casinos remain a lynchpin in the broader gaming industry’s long-term maturation thesis — 1 centered on the richly margins and profitability opportunities afforded by online wagering.
For operators to adequately capitalize, content is indispensable and that could live a signaling of appetence for Games Global services and the IPO. Potentially adding to the invoke of Games Global to investors is telling revenue development and the fact that the companionship is already profitable.
The iGaming mental object provider posted 2023 sales of $381 million, upward from $178.51 jillion in the prior years. Last year, Games Global notched a turn a profit of $114.49 million, intimately onward of its 2022 turn a profit of $103.34 million.
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