GAN announces terms for US IPO
GAN aims to raise US$30million by offering 4.1 million shares at a price range from $6.50 to $8.50.
UK.- Online gambling technology provider, GAN Ltd, has announced terms for an IPO on New York’s Nasdaq stock exchange.
The company aims to raise US$30million by offering 4.1 million shares at a price range from $6.50 to $8.50.
The midpoint of the price range would value GAN Limited at $192 million and it expects to price next week.
The company is currently listed on the London Stock Market’s Alternative Investment Market (AIM) under the ticker GAN.
It plans to use the same ticker on the Nasdaq.
GAN is seeking listing on a US exchange since 80 per cent of its revenue comes from US clients.
It expects the number may increase as US online gambling and sports betting markets grow. It also hopes listing on a US exchange will make it easier to raise capital if needed.
GAN Ltd. was founded in 2002. It recorded $30million in sales for the 12 months ending December 31.
Despite increased market volatility owing to the Coronavirus pandemic, another gaming-related offering went public last week.
Sportsbook operator DraftKings gained 10.38 per cent in its first day of trading.
