{"id":134203,"date":"2020-04-27T10:24:45","date_gmt":"2020-04-27T17:24:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=134203"},"modified":"2020-04-27T12:21:59","modified_gmt":"2020-04-27T19:21:59","slug":"gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/","title":{"rendered":"GAN Eyes May IPO, Could Raise up to $34.5 Million in NASDAQ Listing"},"content":{"rendered":"

Online gaming software provider Gan Ltd. said today its upcoming initial public offering (IPO) will consist of 4.05 million shares priced between $6.50 and $8.50, meaning the company could raise up to $34.5 million in its US listing.<\/p>\n

\"GAN
GAN is planning a May IPO on NASDAQ that could raised up to $34.50 million. (Image: Bloomberg)<\/figcaption><\/figure>\n

It appears as though GAN, which was originally targeting a NASDAQ listing by the end of this month, will price its IPO during the first week of May. The UK-based company is waiting on the exchange to approve the listing and its preferred ticker of \u201cGAN.\u201d<\/p>\n

At the midpoint of the proposed range, GAN Limited would command a fully diluted market value of $192 million,\u201d said IPO research firm Renaissance Capital in a note out Monday.<\/p><\/blockquote>\n

Underwriters have a 30-day option to buy another 608,250 shares.<\/p>\n

Assuming the $192 million market capitalization proves accurate and stays in that neighborhood for some time, GAN would be born in the US as a micro-cap stock, a classification of equities defined as those with market values of $50 million to $300 million<\/strong>. That means the gaming technology provider would need to appreciate in value and top $300 million in capitalization to be classified as a small-cap name, a more widely followed group of stocks.<\/p>\n

Trading Up<\/h2>\n

Currently, GAN has two listings \u2013 one on the Alternative Investment Market (AIM) in London, and another over-the-counter in the US under the ticker \u201cGMMNF.\u201d Both are venues often used by smaller growth companies investors view as speculative.<\/p>\n

As part of the NASDAQ IPO, the London and OTC shares will be pulled with current investors receiving stakes in the new listing<\/a>.<\/p>\n

\u201cThe company is currently listed on London’s AIM under the symbol GAN,\u201d according to Renaissance Capital. \u201cAdjusting for a four-for-one share exchange prior to the closing of its US IPO, GAN’s as-converted last close was $8.29, above the proposed midpoint.\u201d<\/p>\n

\n

GAN is pursuing the NASDAQ IPO for multiple reasons. First, the company believes a listing on a major American exchange will make it easier to raise capital if needed. Second, the firm derived about 80 percent of its 2019 revenue from US-based clients<\/a>, a number that could increase as the online gambling and sports betting markets here grown.<\/p>\n<\/div>\n

\u201cGAN Limited was founded in 2002 and booked $30 million in sales for the 12 months ended December 31, 2019,\u201d notes Renaissance.<\/p>\n

Busy Betting IPO Activity<\/h2>\n

While many market observers speculated the 2020 IPO window was rapidly closing due to increased market volatility forced by the coronavirus pandemic, the opposite is proving true for gaming-related offerings.<\/p>\n

Along with the upcoming GAN IPO, daily fantasy sports (DFS) giant and sportsbook operator DraftKings (NASDAQ:DKNG) went public last Friday.<\/a> That company gained 10.38 percent in its first day of trading and is higher by 4.15 percent at this writing on Monday.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Online gaming software provider Gan Ltd. said today its upcoming initial public offering (IPO) will consist of 4.05 million shares priced between $6.50 and $8.50, meaning the company could raise up to $34.5 million in its US listing. It appears as though GAN, which was originally targeting a NASDAQ listing by the end of this […]<\/p>\n","protected":false},"author":46,"featured_media":134206,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,16693],"tags":[],"acf":[],"yoast_head":"\nGAN Is Inching Closer to an IPO That Could Raise $34.5 Million<\/title>\n<meta name=\"description\" content=\"GAN, the gaming technology firm, could have its NASDAQ IPO completed in early May and coud walk away with over $34 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GAN Is Inching Closer to an IPO That Could Raise $34.5 Million\" \/>\n<meta property=\"og:description\" content=\"GAN, the gaming technology firm, could have its NASDAQ IPO completed in early May and coud walk away with over $34 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-27T17:24:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-27T19:21:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/nasdaq4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/\",\"name\":\"GAN Is Inching Closer to an IPO That Could Raise $34.5 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/nasdaq4.jpg\",\"datePublished\":\"2020-04-27T17:24:45+00:00\",\"dateModified\":\"2020-04-27T19:21:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"GAN, the gaming technology firm, could have its NASDAQ IPO completed in early May and coud walk away with over $34 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-is-inching-closer-to-an-ipo-that-could-raise-34-5-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/nasdaq4.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/nasdaq4.jpg\",\"width\":2000,\"height\":1333,\"caption\":\"GAN is planning a May IPO on NASDAQ that could raised up to $34.50 million. 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