Light & Wonder considers ASX listing as it eyes Australian capital injection
Supplier to consult existing shareholders on proposal which would see second float Down Under to complement Nasdaq listing
Light & Wonder is set for a potential secondary listing on the Australian Securities Exchange (ASX) after confirming it was consulting shareholders on the proposal.
Light & Wonder said it was exploring the possibility of a dual listing as it looks to “accelerate the company’s strategic journey” to add further capital to support its business aims.
The Las Vegas-based firm, which is already a public company in the US with its presence on the Nasdaq, detailed two core reasons behind the ASX listing.
The first was to enhance the company’s profile in Australia, which it cited as one of the “leading markets” for the business.
The second was to give the supplier access to new long-term Australian institutional investors that would complement its existing base of shareholders.
The supplier giant has retained Goldman Sachs Australia and Jarden Australia to assist with its evaluation.
Light & Wonder emphasised there was no assurance the company would decide to pursue the second listing and would update the market when the evaluation was complete.
Jamie Odell, Light & Wonder’s executive chair, praised the industry knowledge of investors in Australia as a core reason for the potential listing.
Odell said: “The ASX is a premium market with a long track record as a platform for global gaming companies and a deep and liquid pool of sophisticated investors and market participants who have a strong understanding of the gaming business.
“We believe they will appreciate the value and long-term potential of Light & Wonder’s broad international business and strategy. We look forward to engaging with the market and our current shareholders on a potential secondary listing,” he added.
In Q4 2022, Light & Wonder recorded an 18% year-on-year rise in revenue to $682m and a 23% jump in adjusted EBITDA to $265m.
The firm, which rebranded from Scientific Games in March 2022, went through a streamlining process at the time of the rebrand which saw the firm divest its lottery and sports betting arms to focus on land-based gaming machines and igaming.