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NeoGames aims to raise $90m through Nasdaq listing

| By Robert Fletcher
Online gambling and lottery solutions provider NeoGames has announced plans to raise up to $90m (£69.4m/€76.6m) through an initial public offering (IPO) in the US.

NeoGames filed its IPO proposal with the Securities and Exchange Commission (SEC) yesterday (October 27), with plans to list on the Nasdaq under the symbol ‘NGMS’.

Stifel, Macquarie Capital and Truist Securities will serve a the joint bookrunners on the listing, but, according to investment bank Renaissance Capital, pricing terms for the IPO have not yet been disclosed.

Founded in 2005 and spun off from Aspire Global in 2014, Luxembourg-based NeoGames booked $44m in sales during the 12 months to September 30.

Meanwhile, William Hill has said that NeoGames’ planned IPO will not impact it proposed acquisition by US gaming giant Caesars Entertainment Inc., despite it owning a 29.4% stake in the lottery solutions provider.

William Hill purchased its stake in NeoGames in August 2015 for $25.0m, in a deal that also gave it the option of acquiring the remaining 70.6% of shares in the provider either three or five years after the initial purchase.

Read the full story on iGB North America.

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