Cherry approved for NASDAQ Stockholm listing
Cherry, the Swedish gaming company, has had class B shares approved for listing on NASDAQ Stockholm.
The company was established in 1963, although it’s only in recent years that Cherry has seen some of the most rapid growth in the gaming industry. Successful partnerships and an ever-expanding online market in Scandinavia has helped Cherry to establish themselves on the international stage.
In the company’s Q2 report Anders Holmgren, CEO of Cherry AB explained: “Cherry showed strong growth in the second quarter and revenues increased by 179% to SEK 536m, of which 37% was organic growth. We continue to grow and show good profitability. EBITDA increased by 524% to 93 MSEK and the EBITDA margin was 17.3%.”
NASDAQ Stockholm’s listing committee approved the move which will see the company’s shares traded in the Mid Cap segment. No new shares will be issued and the current ticker of CHER B will remain the same.
Holmgren also recently discussed the listing adding: “Cherry is a profitable and rapidly-growing gaming company covering the entire value chain, from technology to consumer. The listing on NASDAQ Stockholm will provide us with increased exposure to the Swedish and the international capital markets.”
The listing is still subject to approval from the Swedish Financial Supervisory Authority, however it is unlikely that there will be any setbacks as the company is expected to begin trading on Wednesday 18 October 2017.
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