Games Global puts IPO on pause
The decision was made for the benefit of stakeholders following success across the business.
Games Global has postponed its initial public offering in the US. The reasoning behind the decision was attributed to the iGaming provider’s continued positive performance and expected trajectory following its recent US launch, with the Board of Directors stating the decision was, supposedly, in the best interest of stakeholders.
Games Global intends to continue monitoring the market for opportunities for a potential IPO launch and additional business development.
The application for an initial public offering (IPO) was made in mid-April, with shares to be sold under the ‘GGL’ ticker on the New York Stock Exchange. The filing to the US Securities and Exchange Commission (SEC) has yet to go live.
On the decision, Games Global CEO Walter Bugno said: “While we are disappointed not to be entering the public markets in the near term, meeting with investors during this IPO process has further cemented our confidence in our strategy and that what we are building at Games Global is unique.
“With a strong balance sheet, healthy margins and meaningful growth, an IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy.”
Pulling back on its IPO due to current business development is reflected in the range of partnerships undertaken by the business in the year so far. In January, Games Global partnered with online casino operator Rootz and VegasSlotsOnline, and later in the month expanded its partnership deal with bet365.
In February, meanwhile, Games Global partnered with Videoslots and Mr. Vegas to provide the platforms with live casino content from its OnAir Entertainment studio, and most recently in May, Games Global partnered with the UFC to produce a line of UFC-themed slot games.
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