Games Global Ltd., a gambling software firm based on the Isle of Man, is prepping for its United States initial public offering (IPO) with the ambitious intention to generate around $254 million. The firm has its sights set on the New York Stock Exchange as its listing platform, planning to use the ticker GGL. Joining them in their venture are noted underwriters, namely J.P. Morgan, Jefferies, Macquarie Capital, and Barclays.
Games Global’s Ambitious American Pursuits Spotlighted by This Move
In a recent Thursday filing, it was revealed that Games Global aims to float 14.5 million shares at a projected price window of $16 to $19 per share. The IPO, which is slated for a 13 May debut, is anticipated to result in a market valuation of close to $2 billion for the firm. Of the 14.5 million shares, Games Global plans to divest 6 million, with the existing investor, Zinnia Ltd., expected to offload the residual 8.5 million shares.
After the completion of the IPO, Zinnia Ltd. will still hold approximately 85% ownership in Games Global, presuming underwriters utilize their option to acquire more ordinary shares. The software firm disclosed its international expansion plans last month, banking on the growing acceptance of regulated gambling and potential for new strategic partnerships.
Founded a mere three years ago, Games Global had an ambitious roadmap to become the most innovative and sizeable iGaming development studio and distribution network worldwide. The company’s financial health appears strong with last year’s profits amounting to €107.84 million ($116.29 million) and revenues reaching €306.93 million ($330.97 million), showing a marked growth over the previous year.
Games Global Continues to Lead the Industry
Games Global’s entry into the American market was enabled by its asset acquisition of Digital Gaming Corp. in February, a strategic move which considerably increased the company’s distribution reach to states like New Jersey, Pennsylvania, and Michigan. The company has further expansion in sight, with Connecticut and West Virginia on its radar, while keeping an eye on states where online casino legislation may get approved within a few years.
Presently, Games Global sets the industry pace for innovation, even bagging three esteemed awards at ICE London for its continued excellence. CEO Walter Bugno reassured the company’s dedication to delivering unparalleled products and experiences to its users, while always staying a step ahead of industry trends. The company introduced more than 240 titles in the past year, reinforcing its status as a primary provider.
The US market is a grand chance for Games Global, considering it’s the biggest iGaming jurisdiction worldwide. It has an estimated addressable market around $26 billion by 2028, for different online gaming segments. The company’s entry into the market is perfectly timed as an increasing number of states weigh bills for online betting legalization. This new landscape creates opportunities for potential partnerships with major operators.
