Games Global announced the launch of its IPO in early May, with 14.5 million ordinary shares made available. Of that figure, six million ordinary shares from Games Global were to be sold. The other 8.5 million would be made up of existing shareholders.
The company applied to list shares on the New York Stock Exchange (NYSE) under the GGL symbol. The price for the IPO was set at between $16 (£12.74/€14.89) and $19 a share.
However, Games Global has now delayed the IPO, with the company’s board of directors believing this decision is in the “best interests” of stakeholders. However, they will also continue to monitor the situation ahead of a potential future offering.
Games Global chief executive Walter Bugno stated that while the company was “disappointed” not to be entering the public markets in the near future, the business is still set up for an exciting future.
“With a strong balance sheet, healthy margins and meaningful growth, an IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy,” Bugno said.
“Our team remains committed to delivering the most innovative games on the market. We will continue to monitor the capital markets going forward and make the appropriate reconsiderations as to an IPO in the future.”
Games Global suspends IPO despite investor interest
Despite opting not to press ahead with the IPO, Games Global stated their decision was not down to a lack of investor interest, which it described as “strong”.
Games Global pointed to the “continued positive performance” of the company’s underlying business. It also highlighted the trajectory it was expecting following its entry into the US gaming market.
Despite postponing the IPO, the company’s evaluation of all opportunities over their alignment with the business’ long-term strategy will continue.
IPO delay follows Super Group division purchase
In February, Games Global concluded its acquisition of the B2B assets of Digital Gaming Corporation (DGC B2B) from Super Group.
The deal was initially agreed in February 2023, with Super Group having only acquired DGC B2B itself a month prior.
Bugno stated the move would help in “accelerating Games Global’s entry into the rapidly growing US igaming market”. DGC B2B is currently live in US states such as Pennsylvania, Iowa and New Jersey.
Original article: https://igamingbusiness.com/strategy/games-global-delays-ipo-amid-continued-positive-performance/
