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Light & Wonder approved for ASX secondary listing

| By Robert Fletcher
Light & Wonder (L&W) has secured conditional approval for a secondary listing on the Australian Securities Exchange (ASX).
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L&W expects the listing to come into effect from today (18 May) and will be permitted to the official list of the ASX as an ASX Foreign Exempt Listing.

Official quotation of L&W Chess Depositary Interests (CDIs) is due to commence on 22 May, with each CDI to represent one fully paid share of common stock.

L&W said existing shareholders that wish to retain their holding as shares on L&W’s primary listing on Nasdaq in the US are not required to take any action. However, those that want to convert some or all of their shares into CDIs may do so.

The group added that the secondary listing and official quotation remain subject to final approval by the ASX and there is no assurance as to their timing or completion.

Q1 growth

The approval comes after L&W last week reported a 17.1% year-on-year increase in revenue for the first quarter of 2023, helped by record performances by its igaming and SciPlay social gaming businesses.

L&W experienced double-digit growth across all its business segments during the quarter, with its gaming division remaining by far its primary source of revenue.

Revenue in the first quarter amounted to $670m, up from $572m in the corresponding period last year. Gaming revenue hit $419m, SciPlay $186m and igaming $65m.

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