Games Global Files for $100M IPO on NYSE, Targeting the US Market
Games Global, a leading online casino supplier, has unveiled plans to embark on a milestone journey by filing for an initial public offering (IPO) on the New York Stock Exchange (NYSE). The move marks a significant strategic shift as the Isle of Man-based company opts for a US listing over the London capital markets.
The IPO, projected to raise an impressive $100 million, signals Games Global’s ambition to tap into the robust investor appetite and dynamic US market landscape. The decision mirrors a broader trend among companies, exemplified by FanDuel owner Flutter Entertainment’s ongoing transition from the London Stock Exchange to the NYSE.
Led by CEO Walter Bugno, Games Global constitutes a privately held entity owned by investment management firm Zinnia Group. Post-IPO, the company will trade on the NYSE under the GGL ticker symbol, with Zinnia retaining a majority stake of over 50%. While the company remains open to potential mergers and acquisitions, no definitive agreements have been finalized as yet.
The decision to list on the NYSE represents another setback for the London Stock Exchange, which has witnessed a steady outflow of business to its US counterparts. This trend, attributed partly to Brexit uncertainties, underscores the allure of US listings for UK-based firms seeking broader investor appeal, enhanced valuations, and deeper access to capital and liquidity.
Games Global Has Ambitious Plans
The proceeds from the IPO will help enhance Games Global’s technical infrastructure, intensifying research and development endeavors, bolstering sales and marketing initiatives, and facilitating entry into new markets. The company aims to introduce its live casino product in the US by the end of 2024, further cementing its position as a formidable player in the industry.
Games Global is poised to capitalize on its strategic advantages to emerge as a premier iGaming supplier in the US market. The company cites its robust partnerships with major online casino operators and extensive game portfolio as key differentiators in its quest for market dominance. Furthermore, its global infrastructure empowers Games Global to drive innovation while maintaining complete control over game distribution.
The recent acquisition of Digital Gaming Corporation’s B2B assets from Super Group underscores Games Global’s commitment to bolstering its US presence. With a burgeoning customer base of 350 clients across 600 brands as of 31 December 2023, Games Global enjoys substantial momentum, aiming to chart a trajectory of sustained growth and success in the dynamic landscape of the global iGaming industry.
