Games Global Announces Milestone IPO Amidst Growth Ambitions

Isle of Man-based gambling software company Games Global Ltd. is gearing up for its US initial public offering (IPO) with ambitious plans to raise approximately $254 million. The company plans to list on the New York Stock Exchange under the symbol GGL, with underwriters including J.P. Morgan, Jefferies, Macquarie Capital, and Barclays.

The Move Reflects Games Global’s US Focus
According to a late Thursday filing, Games Global plans to offer 14.5 million shares at an estimated price range of $16 to $19 per share. The IPO will commence trading on 13 May as the company is expected to achieve a market capitalization of around $2 billion. Games Global intends to sell 6 million shares out of its 14.5 million, while the existing shareholder, Zinnia Ltd., will offer the remaining 8.5 million shares. 

Following the IPO, Zinnia Ltd. will retain approximately 85% ownership stake in Games Global, assuming underwriters exercise their option to purchase additional ordinary shares. The software company announced its plans to go global last month, hoping to capitalize on the increasing adoption of legalized gambling and enable new strategic partnerships.

Games Global was incorporated three years ago with a strategic vision to become the largest and most innovative iGaming studio and distribution ecosystem globally. The company reported a robust full-year 2023 profit of €107.84 million ($116.29 million) and revenue of €306.93 million ($330.97 million) demonstrating significant growth from the previous year.

The Company Remains an Industry Leader
The move into the US market was facilitated by Games Global’s acquisition of assets of Digital Gaming Corp. in February. This move significantly expanded the company’s distribution coverage to states such as New Jersey, Pennsylvania, and Michigan. Games Global plans further expansion into Connecticut and West Virginia while also eyeing states considering online casino legislation in the coming years.

Games Global remains at the forefront of innovation, securing three prestigious awards during ICE London for its continued excellence. CEO Walter Bugno reaffirmed the company’s commitment to delivering unmatched products and experiences for players while remaining ahead of industry trends. 2023 saw Games Global launch more than 240 titles, solidifying its position as a leading provider.

The US represents a lucrative opportunity for Games Global, being the largest iGaming jurisdiction globally, with a projected addressable market of approximately $26 billion by 2028 for various online gaming segments. The company enters the market at the perfect time as more states consider legislation legalizing online wagering, paving the way for collaborations with leading operators.