GAN raises $62.4m from US IPO

Gambling software provider GAN has revealed that it was able to generate a total of $62.4m (£50.7m/€57.7m) from its US initial public offering, signficantly more than it had initially anticipated.

GAN sold 7,337,000 ordinary shares, priced at $8.50 per share. This included the underwriters’ option to buy 957,000 ordinary shares, which was taken up in full.

The provider noted that the $62.4m it was able to raise was before deducting any underwriting discounts and commissions, as well as estimated offering expenses payable by GAN.

Upon setting out its plans for the IPO last month, GAN said it hoped to generate $34.5m by selling 4,055,000 shares, meaning that the provider was able to far surpass its initial expectations.

Read the full story on iGB North America.