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Games Global Postpones Previously Announced IPO To Monitor The Market

Written By Tebearau Egbe | Updated:
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Games Global, an iGaming content provider, has  announced the postponement of its initial public offering (IPO) in the United States.

The British operator said last month it wanted to launch an IPO of its ordinary shares and filed with the US Securities and Exchange Commission (SEC). It was set to be listed on the New York Stock Exchange (NYSE), where it would trade under the symbol GGL.

With a target price range of $16 to $19 per share, the Games Global IPO was expected to raise around $250 million. Though no evidence supports this, a lower-than-expected IPO price might have resulted from a lower-than-expected demand for their business.

According to a company news release, the postponement is due to serious deliberations by the board of directors, who agreed it would be best for the company’s stakeholders if the company took its time listing its offerings since it was new to the US online casino market. It suggests that, for the time being, it will be monitoring the market to usher in its proposed offering at the right time.

Walter Bugno, chief executive officer of Games Global, said in the release:

“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.”

Key takeaways

  • Games Global delays its IPO on the NYSE under the symbol GGL.
  • The delay was a strategic choice, not due to a lack of investor interest. The company will monitor the market to choose a better time for the IPO.
  • Games Global continues to grow and form partnerships, including recent collaborations with Caesars Digital and the UFC for new online slot games.

Games Global prioritizes business growth over IPO timing

While Games Global decided against going forward with the IPO, the company made it clear that its choice was not because of a lack of investor interest, which it revealed to have a solid investor interest. Rather, the company focused on its main business’s recurring success and the projected development trajectory after joining the US gaming industry.

Games Global reiterated its commitment to assessing all prospects following the company’s long-term strategy, notwithstanding the postponement of the IPO. “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 said.

“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.”

With all of the developments with the company, the operator is securing beneficial partnerships within the US online casino market. For example, in April Games Global released a custom online slots game in New Jersey through a partnership with Caesars Digital.

Most recently, it collaborated with the UFC for a UFC-themed online slot game.

Photo by TaraPatta / Shutterstock; illustrated by PlayUSA
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Tebearau Egbe

Tebearau Egbe has written about gambling for more than four years. She has a Master's degree in philosophy and possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives for readers.

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