Games Global postponed its initial public offer (IPO) citing “continued performance”.
Early May Games Global launched its IPO, offering 14,5 million shares of ordinary stock. Six million shares of Games Global’s ordinary stock were sold. The remaining 8.5 millions would come from existing shareholders.
GGL was the symbol that the company used to apply for listing on the New York Stock Exchange. The price of the IPO ranged between $15 (PS12.74/EUR14.89/PS12.74) and $19 per share.
The board of Directors of Games Global believes that this delay is “in the best interests” of all stakeholders. They will continue to watch the situation in anticipation of any future offerings.
Walter Bugno, Games Global’s chief executive officer stated that the business was still well-positioned for a bright future.
According to Bugno, “With a solid balance sheet, healthy profit margins, and significant growth at this time, an IPO was not a necessity but an accelerator for our strategy.”
Our team is committed to providing the best games available on the market. “We will monitor capital markets in future and consider an IPO if necessary.”
Games Global suspends IPO despite investor interest
Games Global said that despite their decision to not proceed with the IPO they did not do so because of a lack in investor interest. It described this as being “strong”.
Games Global emphasized the “continued performance positive” of its core business. The company also made a point of highlighting the expected trajectory following the entry in the US gaming industry.
Despite the postponement of the IPO the company will continue to evaluate all opportunities in terms of their alignment with its long-term business strategy.
IPO delay follows Super Group division purchase
Super Group and Games Global completed their acquisition in February of Digital Gaming Corporation B2B (DGC B2B).
Super Group had only purchased DGC B2B a month earlier.
Bugno said that the decision would “accelerate Games Global’s entrance into the rapidly expanding US igaming industry”. DGC B2B has been launched in US states like Pennsylvania, Iowa, and New Jersey.
