Games Global readies a $100m IPO in the United States

Games Global Limited has submitted a filing to the US Securities and Exchange Commission, outlining an Initial Public Offering which will be launching on the New York Stock Exchange, and expects to raise $100 million.

Games Global is the latest company to have prioritized NYSE listing over the London Stock Exchange, following Flutter Entertainment, which is currently relocating its own main listing to the United States.

Once the IPO is finalized, Games Global will be listed on the NYSE under the GGL ticker. The company’s boss, Walter Bugno, is confident about the US listing, with the set target reflecting the company’s valuation.

Meanwhile, Zinnia Group, which is an investment management company and owns Games Global, will retain more than 50% of the company’s stock to ensure that it still has a controlling stake in the company and does not relinquish full power to the public.

Games Global Limited wrote in the prospectus shared with SEC that it could not specify with certainty all of the particular uses for the net proceeds of the IPO but noted that it expects to expand its research and development efforts, boost sales and marketing operations, and ensure that compliance requirements are met.

"We may also use a portion of the proceeds to acquire or invest in businesses, products, services or technologies; however, we do not have agreements or commitments for any material acquisitions or investments at this time," the SEC filing read.

This news comes after another major announcement shared by Games Global, with the company acquiring Digital Gaming Corporation’s B2B assets, and consolidating its footprint in the United States.

This is hardly the only acquisition in recent years, with Games Global on a quest to scoop up various assets, including the acquisition of Microgaming business assets back in 2021. In 2022, the company acquired companies such as Creative Foundry, Prima Networks Group, Corvide, Oakwood Services, Quickfire Limited, and notably MahiGaming which was bought for €80.8m in August 202.

Meanwhile, Games Global is also enjoying a strong financial result, with a 23.4% gain in revenue for the nine-month period through December 31, 2023, or €273.2m. The IPO will be underwritten by Macquarie, Barclays, Jefferies, and JP Morgan.

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