{"id":319768,"date":"2024-05-13T21:56:22","date_gmt":"2024-05-14T02:56:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=319768"},"modified":"2024-05-14T09:18:45","modified_gmt":"2024-05-14T14:18:45","slug":"games-global-pulls-plug-on-ipo-cites-market-conditions","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/","title":{"rendered":"Games Global Pulls Plug on IPO, Cites Market Conditions"},"content":{"rendered":"

Games Global, a developer of casino games for the iGaming industry, scrapped plans for an initial public offering (IPO). The move came on Monday, roughly a month after the company filed for its initial stock sale.<\/p>\n

\"Games
The Games Global corporate logo. The company scraped plans for an IPO. (Image: Games Global)<\/figcaption><\/figure>\n

In a Form F-1 filing with the Securities and Exchange Commission (SEC), the gaming company requested that previous materials associated with the IPO be withdrawn. It appears trying market conditions were the undoing of the IPO.<\/p>\n

Due to current market conditions, the Company has determined not to pursue, at this time, the initial public offering of the Company’s ordinary shares to which the Registration Statement relates. The Registration Statement has not been declared effective, and none of the Company\u2019s securities have been sold pursuant to the Registration Statement. Based on the foregoing, the Company submits that the withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by Rule 477(a),\u201d according to the regulatory document.<\/p><\/blockquote>\n

Games Global also asked the SEC to credit for future use the fees the firm paid for the IPO. That could be a sign the firm isn\u2019t ruling out going public at a later date.<\/p>\n

Details Now Scrapped Games Global IPO<\/h2>\n

Earlier this month, it appeared as though Games Global was on track to sell 14.5 million shares at $16 to $19, valuing the company at up to $2.13 billion while raising as much as $275.5 million.<\/p>\n

\n

The Isle of Man-based company commenced operations in 2021<\/a> and was expected to list on the New York Stock Exchange (NYSE) under the ticker \u201cGGL.\u201d J.P. Morgan, Jefferies, Macquarie Capital, and Barclays were listed as the joint bookrunners on the transaction.<\/p>\n<\/div>\n

\u201cThe company develops, distributes, and markets casino-style gaming content, and provides B2B solutions to online gaming operators. Games Global works with 40 in-house and partnered studios, which have developed more than 1,300 games over the past 20 years, all of which are now part of its portfolio. Its portfolio spans slot games, table games, video poker, video bingo, game show games, crash games, and live casino games,\u201d noted IPO research firm Renaissance Capital.<\/p>\n

Games Global notched 2023 sales of $381 million, up from $178.51 million in the prior year, and was profitable last year, but those impressive data points weren\u2019t enough to overcome what the company perceived to be weak market conditions.<\/p>\n

Did Sluggish iGaming State Additions Hinder Games Global IPO?<\/h2>\n

Games Global didn\u2019t comment to this effect, but it\u2019s possible its IPO was hindered by the fact that, to this point in 2024, there\u2019s been no progress in terms of new states joining the iGaming fray. While online casinos are widely seen as a major driver of future growth for the industry<\/a>, just six states currently permit that form of betting.<\/p>\n

\n

It\u2019s possible that demand may have been limited for the IPO, but the combination of iGaming\u2019s growth trajectory and Games Global\u2019s status as a profitable company likely contradicts that thesis.<\/p>\n<\/div>\n

Year to date, there have been 54 IPOs priced in the US, a 28.6% year-over-year jump while proceeds raised stand at $13.9 billion, a year-over-year increase of 105.8%, according to Renaissance Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Games Global, a developer of casino games for the iGaming industry, scrapped plans for an initial public offering (IPO). The move came on Monday, roughly a month after the company filed for its initial stock sale. In a Form F-1 filing with the Securities and Exchange Commission (SEC), the gaming company requested that previous materials […]<\/p>\n","protected":false},"author":46,"featured_media":317560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,16693],"tags":[81903,81871,82041],"acf":[],"yoast_head":"\nGames Global Pulls Plug on IPO, Cites Market Conditions<\/title>\n<meta name=\"description\" content=\"Games Global Pulls Plug on IPO, Cites Market Conditions.\" \/>\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\/games-global-pulls-plug-on-ipo-cites-market-conditions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Games Global Pulls Plug on IPO, Cites Market Conditions\" \/>\n<meta property=\"og:description\" content=\"Games Global Pulls Plug on IPO, Cites Market Conditions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/\" \/>\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=\"2024-05-14T02:56:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-14T14:18:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/gg3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/\",\"url\":\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/\",\"name\":\"Games Global Pulls Plug on IPO, Cites Market Conditions\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/gg3.jpg\",\"datePublished\":\"2024-05-14T02:56:22+00:00\",\"dateModified\":\"2024-05-14T14:18:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Games Global Pulls Plug on IPO, Cites Market Conditions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/games-global-pulls-plug-on-ipo-cites-market-conditions\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/gg3.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/gg3.jpg\",\"width\":1280,\"height\":720,\"caption\":\"The Games Global corporate logo. 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