Games Global suspends $275m IPO plans despite “strong” investor interest

Supplier elects to remain off of the public markets for the time being less than a month after filing a prospectus with the SEC
The post Games Global suspends $275m IPO plans despite “strong” investor interest first appeared on EGR Intel.  

Games Global has postponed its proposed initial public offering (IPO) less than a month after announcing its plans to go public.

The supplier said that despite “strong” investor interest it had elected to remain private for the time being.                                                                                                                                       

Management noted the “continued positive performance of the company’s underlying business” had been a deciding factor in remaining under private ownership.

The board of directors noted it was “in the best interests of its stakeholders to delay the offering at this time and will continue to monitor the timing for the proposed offering”.

Games Global confirmed it would continue to monitor and evaluate all strategic opportunities that could align with the group’s long-term plans.

The Isle of Man-based firm filed a prospectus with the Securities and Exchange Commission (SEC) on 16 April, with plans to list on the New York Stock Exchange under the ticker GGL.

The move came after the group was founded in 2021 and launched in 2022, with growth having been catalysed by a series of M&A moves totalling more than €190m.

Earlier this month, Games Global revealed it expected its IPO price to go live between $16 and $19 per share.

The firm had planned to offer 14.5 million ordinary shares as part of the listing, with six million offered by Games Global and 8.5 million to be sold by the group’s existing 100% shareholder Zinnia Limited.

The IPO could have raised around $275m which would have also valued the business at just over $2bn.

Speaking on the decision to not pursue a listing, Games Global CEO Walter Bugno said he was “disappointed” to not be entering the public markets but was positive on the future outlook for the supplier.

He said: “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.

“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,” he added.

The post Games Global suspends $275m IPO plans despite “strong” investor interest first appeared on EGR Intel.

 

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