In a filing with the Securities and Exchange Commission (SEC) yesterday (16 April), Games Global said it would trade on the NYSE under the ticker symbol GGL. JPMorgan, Jeffries and Macquarie Capital are named as joint book-running managers for the IPO. Cooley LLP is representing Games Global in regards to certain US federal security rules.
The timeline in which the IPO will take effect, the number of shares on offer and the total price range have not been decided, said Games Global in a statement released today (17 April).
Games Global outlined that it is an “emerging growth company” and a “foreign private issuer” as classified by the SEC. Therefore it must submit to certain reporting requirements for the IPO filing and future filings.
The company added that it has “broad discretion” over how it will use the net proceeds from the IPO, stating that it intends to invest the leftover net proceeds into interest-bearing accounts.
The IPO filing names Walter Bugno as Games Global’s CEO and director and Timothy Mickley as CFO and director. Any costs incurred by the IPO filing will be outlined in a later amendment, with Games Global confirming that it would cover all costs and expenses.
Games Global FY23 revenue hikes over 80%
The net proceeds from the IPO will fund a number of company purposes, including the improvement of research and development services and Games Global’s sales and marketing operations.
In the full Form F-1 filing Games Global outlined its full-year 2023 results. It revealed that it achieved €306.9m in revenue for 2023, a rise of 82.3% year-on-year.
Sales, general and administrative expenses hit €59.8m, and cost of revenue was €135.2m. This left profit from operations alone at €111.7m. Following financial income at €1.3m and finance expenses at €2.4m, the pre-tax profit was €110.6m.
Tax at €2.7m brought the total profit for the year to €107.8m, an increase of 10.8% yearly.
Games Global also outlined its results for the first nine months of 2023, where it reported €273.2m in revenue and profit of €79.1m.
Follows successful Lottomatica IPO listing
Looking at previous IPOs in the industry, Lottomatica launched a €2.67bn IPO in April 2023. It ran from the 24th to the 27th of the month. Following its success Lottomatica debuted on the Milan Euronext.
The IPO was launched to finance debt partly owned by Apollo Global Management, Lottomatica’s parent company. It looked to raise €600m with €425m of this consisting of newly issued stock. A total of €175m in shares were allocated to be sold by Gamma Topco, an existing investor.
In February, Lottomatica revealed that the IPO had “exceeded expectations”.