GAN raises $54m through IPO launch
Supplier sells 6.4 million shares at high end of its price range and expects market value to reach $234m
GAN raised $54m through its IPO launch yesterday after selling 6.4 million shares at the high end of its share price range.
The firm anticipated an initial raise of $35m to fund US expansion and establish a name as a major player in the US.
GAN commands a fully diluted market value of $234m after converting its shares from the London AIM exchange to NASDAQ in New York.
In April the operator said the IPO would help it to gain increased liquidity, access to cheaper capital, additional research coverage by US banks and enhanced reporting standards.
It expects to use the funds to scale up and take on new growth opportunities.
“The capital raise is intended to establish a broader investor base to enhance trading liquidity,” the firm wrote in a statement to shareholders.
GAN CEO Dermot Smurfit said the listing was the springboard of the supplier’s success.
“As the online gambling and sports betting industry continues to mature and as additional states pass requisite legislation and eventually come online, we are prepared to deliver as the go-to SaaS provider for land-based casinos in the US,” Smurfit said.
This morning he virtually rang the opening NASDAQ bell to mark the IPO launch.
GAN’s biggest client is FanDuel, to which it provides its gaming platform in multiple states.
Elsewhere, US gaming-group DraftKings was initially valued at $6bn after launching its IPO in April, although the valuation includes its recently purchased betting technology supplier SBTech.