Games Global has postponed its proposed initial public offering (IPO) a little over a week after opening it up.
In April, the iGaming supplier applied to list shares on the New York Stock Exchange (NYSE) under the GGL symbol. The offering was set to include 14.5 million ordinary shares at a price of $16 to $19 per share.
However, Games Global has now confirmed that it has delayed the IPO, with the company’s board of directors saying it believes it is in the best interests of its shareholders. This is despite the company stating the IPO had strong backing from investors.
“While we are disappointed not to be entering the public markets in the near term, meeting with investors during this IPO process has further cemented our confidence in our strategy and that what we are building at Games Global is unique,” said Games Global CEO Walter Bugno. “With a strong balance sheet, healthy margins, and meaningful growth, an IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy.”
Games Global says that it will continue to monitor the timing for the proposed offering and evaluate all strategic opportunities that “align with the company’s long-term strategy”.
Games Global report strong financial performance in 2023
Games Global announced its proposed IPO off the back of a strong financial performance in 2023.
As part of its full Form F-1 filing Games Global posted its full-year results for 2023 which revealed that the company generated $327.5 million in revenue. This figure represented an 82.3% year-on-year increase from the $191.4 million it reported last year.
After deducting general and administrative expenses and the cost of revenue, the company posted pre-tax profits of $125.8 million, up from $110.6 million in the corresponding period in 2022.
Last year the company acquired Digital Gaming Corporation (DGC) from Super Group to help aid its growth in the regulated U.S. iGaming market. At the time of the acquisition, DGC had licenses to operate in Pennsylvania, New Jersey, Michigan and Connecticut.
