Games Global Halts NYSE IPO Plans Amid Market Uncertainty

Online casino-style gaming content developer and distributor Games Global Limited is not going ahead with its planned initial public offering (IPO) in the United States for the time being. The company announced its decision on May 13 citing uncertain market conditions. 

Games Global’s Board of Directors Prioritize Stakeholder Interests

Games Global’s Board of Directors made the announcement in a statement highlighting that the best interest of its stakeholders are of paramount importance and the decision to defer the IPO aligns with this stance.

Games Global has been performing really well, especially following its recent expansion into the US gaming market. Still, the Board of Directors decided to delay the IPO and keep a close eye on market developments.

Walter Bugno, CEO of Games Global, commented on the Board’s decision:

“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. 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.”

Bugno further added that Games Global will keep monitoring the market and may reconsider the IPO in the future.

Games Global Aimed for Valuation of up to $2.13B 

Games Global has filed a registration statement regarding the IPO with the US Securities and Exchange Commission (SEC), however, it has not been put into effect. 

Games Global filed for an IPO on the New York Stock Exchange (NYSE) in the middle of April. The company expected to raise $100 million and capitalize on the burgeoning US gambling market. Games Global was going to use the proceeds toward the launch of its live casino product in the US. The plan was to list under the ticker symbol GGL. 

The decision came against the backdrop of other major gambling companies such as FanDuel owner Flutter Entertainment shifting from the London Stock Exchange to the NYSE mainly due to market uncertainties in connection with Brexit.

Additionally, the IPO’s goal was to help Games Global strengthen its position in the gambling market, aiming for a company valuation of up to $2.13 billion. 

Showcasing Games Global’s commitment to expansion in the US was also the recent acquisition of Digital Gaming Corporation’s B2B assets from Super Group.