Just weeks after announcing the launch of its initial public offering to list its shares on the New York Stock Exchange, igaming content provider Games Global has decided to delay its IPO despite strong interest from investors and amid solid growth.
The igaming provider was set to launch trading on the NYSE under the GGL symbol and offer the public 14.5 million ordinary shares on Tuesday. The target share price was set between $16 and $19. However, the company filed a Withdrawal of Registration statement with the United States Securities and Exchange Commission on Monday afternoon.
“Due to current market conditions, the company has determined not to pursue, at this time, the initial public offering of the company’s ordinary shares,” the filing reads.
Games Global stated that investor interest was strong and was not the reason for the IPO delay. The board says the company has delayed the launch in the “best interests” of stakeholders amid positive performance and the expected trajectory following its recent U.S. launch.
“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,” said Games Global CEO Walter Bugno. “Our team remains committed to delivering the most innovative games on the market. We will continue to monitor the capital markets going forward and make the appropriate reconsiderations as to an IPO in the future.”
Games Global was founded in early 2021. In May 2022, it acquired the distribution business and games portfolio of long-standing igaming software developer Microgaming. In February, Games Global solidified its U.S. distribution arm by buying from the Super Group the business-to-business assets of Digital Gaming Corp.
As part of the filing, Games Global disclosed figures relating to its 2023 financial performance, reporting full-year revenue of €306.9 million (about $332 million), up 82.3 percent from the previous year. Net profit for the period was €107.8 million (about $116.6 million), up 10.8 percent year-on-year.
The company said it will continue to monitor the situation in preparation for a potential future offering.
