Gambling software provider GAN officially went public on Nasdaq this week, with shares trading up by 44% shortly after launch. The move follows a successful IPO funding which raised $54m for the firm via 6.4 million shares at $8.50, the high end of the range of $6.50 to $8.50.
In an investor release, the company stated: “GAN Limited, a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the US land-based casino industry, today announced the pricing of its upsized initial public offering of 6,380,000 ordinary shares at a price to the public of $8.50 per share.
“All of the ordinary shares are being offered by GAN. In addition, GAN has granted the underwriters a 30-day option to purchase up to 957,000 additional ordinary shares at the initial public offering price, less the underwriting discounts and commissions.”
Prior to the offering, the ordinary shares of GAN had been traded on AIM, a market operated by the London Stock Exchange plc. In connection with the offering, GAN has affected a reorganization and share exchange in which it has become a wholly-owned subsidiary of GAN Limited.
As such, the ordinary shares of GAN plc will no longer trade on AIM, and the former shareholders of GAN plc will receive one ordinary share of GAN Limited for every four ordinary shares of GAN plc and an aggregate of $2.47m in cash.