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Games Global confirms launch of IPO

| By Robert Fletcher
Games Global has announced the launch of its initial public offering (IPO), with 14.5 million ordinary shares being made available.
Games Global IPO

Price for the IPO is set to be between $16.00 (£12.74/€14.89) and $19.00 per share. Games Global has applied to list shares on the New York Stock Exchange (NYSE) under the symbol GGL.

The IPO consists of six million ordinary shares from Games Global and 8.5 million ordinary shares sold by existing shareholders. Games Global will not receive proceeds from shares sold by existing shareholders in the business.

Underwriters will have a 30-day option to purchase up to an additional 2,175,000 ordinary shares from existing shareholders. These will be available at the same price as the IPO, minus underwriting discounts and commissions. 

JP Morgan, Jefferies and Macquarie Capital are acting as joint lead book-running managers for the IPO. In addition, Barclays and BTIG will be serving as additional book-running managers.

Confirmation of the launch comes just a matter of weeks after Games Global registered for the IPO with the NYSE.

In a filing with the Securities and Exchange Commission (SEC), Games Global billed itself as an “emerging growth company” and a “foreign private issuer”. In line with SEC rules, it must submit to certain reporting requirements for the IPO filing and future filings.

Games Global also says it has “broad discretion” over how it will use the net proceeds from the IPO. The business intends to invest leftover net proceeds into interest-bearing accounts.

Games Global signs off on Super Group division purchase

The IPO marks the latest major development at Games Global since the turn of the year. In February, it completed the acquisition of the B2B assets of Digital Gaming Corporation (DGC B2B) from Super Group.

Games Global brokered the deal last February, saying it marks a significant milestone and will help with its US launch. 

Super Group only purchased the business, which owns the rights to the Betway brand in the US, in January 2023. It originally agreed terms on the deal back in January 2022. DGC B2B is active in US states including Pennsylvania, Iowa, New Jersey, Arizona, Colorado, Indiana, Virginia, Ohio and Louisiana. 

Financial terms of the deal are not public.

Revenue up 82.3% in 2023

Games Global, however, did reveal financial information regarding its performance in 2023. For the full-year, revenue was 82.3% higher year-on-year at €306.9m in.

After operating costs and financial income, pre-tax profit hit €110.6m. Games Global paid €2.7m in tax, leaving a net profit for the year to €107.8m, up 10.8%.

The group also outlined results for the first nine months of 2023. Here, it reported €273.2m in revenue and profit of €79.1m.

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