Evolution Gaming confirms £220m IPO plans
Live casino specialist expects shares to start trading on the Nasdaq First North Premier on 20 March for up to £6.26 per share
Evolution Gaming has confirmed plans to launch and initial public offering (IPO) on the Nasdaq First North Premier, with the first day of trading of expected to be 20 March.
The offering, which will see Evolution trade under the ticker EVO, will compromise 13,824,267 existing shares, or around 38% of the total number of shares outstanding in the company, and is expected to raise up to £220m.
Evolution said it expects shares to trade between £5.47 and £6.26 while an additional 1,798,516 existing shares will be added in the event of significant demand, while another 2,343,415 have been made available in case of over-allotment.
The live dealer specialist said the IPO was an “important next step” for the company and it would “increase awareness” and strengthen the Evolution Gaming brand.
“Since we founded Evolution Gaming in 2006, the company has developed into a market leader in the European live casino market,” Evolution founder and CEO Jen von Bahr, said.
“We take pride in offering live casino solutions which are highly attractive to online casino operators and we are well positioned to take advantage of the expected future growth of the market,” he added.
Evolution said it planned to apply for a listing on the Nasdaq Stockholm main market within 12 months after completing the offering.
The firm also revealed 2014 full-year revenues were 48.5m leading to EBITDA of 17m with an EBITDA margin of 35%.