Light & Wonder considers listing on Australian Securities Exchange

Light & Wonder is considering a secondary listing to expand its profile in Australia and gain access to new institutional investors.

Australia.- Light & Wonder (L&W), a provider of casino equipment and digital gaming content, is weighing up the possibility of a listing on the Australian Securities Exchange (ASX). The secondary listing would complement its current listing on Nasdaq. 

The gaming technology firm cites potential benefits, including enhancing its profile in Australia, one of its leading markets, and gaining access to new long-term institutional investors. The group’s Nasdaq-listed stock was down 5.49 per cent on Wednesday (March 15) at US$55.04 per share.

L&W said it will consult its shareholders as part of the evaluation process and will update the market only after its evaluation is complete and a decision has been made on whether to proceed. The group has enlisted the financial institutions Goldman Sachs Australia and Jarden Australia in the evaluation.

Jamie Odell, executive chair of Light & Wonder, said ASX is a premium market with a long history as a platform for global gaming companies and a deep and liquid pool of investors with a strong understanding of the gaming business. He said he believes the investment audience would appreciate the value and long-term potential of L&W’s international business and strategy.

L&W posted a US$21m profit in the fourth quarter, with revenue up 17.6 per cent year-on-year. As of December 31, its outstanding debt stood at US$3.9bn.