Games Global announced that it has launched its Initial Public Offering (IPO), making 14,5 million shares of ordinary stock available.
The price for the IPO will be set between 16.00 dollars (PS 12.74/EUR 14.89) to $19.00. Games Global applied to list its shares at the New York Stock Exchange under the symbol GGL.
Games Global sold six million shares of ordinary stock and existing shareholders sold 8.5 millions shares. Games Global won’t receive any proceeds from the shares that are sold by current shareholders.
The underwriters have the option of purchasing up to 2,175,000 additional ordinary shares. The price will be the same as for the IPO minus any underwriting discounts or commissions.
JP Morgan Jefferies, and Macquarie Capital will act as the joint book-running manager for this IPO. Barclays, BTIG and other book-running managers will also be involved.
The launch was confirmed just a few weeks after Games Global filed for an IPO at the NYSE.
Games Global described itself in a Securities and Exchange Commission filing as an “emerging company”, and “foreign issuer”. According to SEC regulations, Games Global must comply with certain reporting requirements both for its IPO and any future filings.
Games Global says that it also has “broad discretion over” how it uses the net proceeds of the IPO. It plans to put any leftover net proceeds in interest-bearing account.
Games Global approves Super Group Division Purchase
Games Global has been undergoing major changes since the beginning of this year. It completed its acquisition in February of Digital Gaming Corporation’s B2B assets from Super Group.
Games Global brokered this deal in February last year, claiming it was a major milestone that will aid with the launch of its US product.
Super Group purchased Betway in the US only in January 2023. The original terms of the agreement were agreed in January 2022. DGC B2B operates in the US, including Pennsylvania, Iowa and New Jersey. Arizona, Colorado Indiana Virginia Ohio Louisiana.
The financial terms of this deal is not made public.
In 2023, revenue is expected to increase by 82.3%
Games Global did, however, reveal information about its financial performance for 2023. The revenue for the year was EUR306,9m, an increase of 82.3%.
Pre-tax profits reached EUR110.6m after operating expenses and financial gains. Games Global has paid EUR2.7m tax for a total net profit of EUR107.8m. This is an increase of 10.8%.
Also, the group presented its results for 2023’s first nine-month period. It reported EUR273.2m of revenue, and EUR79.1m of profit.
