Nektan to launch public floatation

Mobile gaming supplier Nektan will launch an initial public offering (IPO) within the next few weeks ahead of a major push into the US gaming market, eGaming Review can reveal.

The Gibraltar-licensed B2B business, which is headed up by executive chairman Gary Shaw (pictured) and chief operating officer Matt Sunderland, aims to list on London’s Alternative Investment Market by-mid October.

The IPO, which is being managed by Panmure Gordon, is expected to raise around £4m, which will predominantly be invested back into the business through strategic hires and product development.

Nektan said the public floatation would play an important role in raising the company’s profile and offer greater transparency as it looks to target both the real-money and freemium gaming markets in the US.

The company, which last year bought London-based mobile development company mFuse for around £5m, is currently in negotiations with a number of US tribes and feels it would be better positioned as publically-listed firm.

“The biggest driver in terms of why we are doing this IPO at this moment is because of transparency with a lot of US companies we are in discussions with,” Shaw told eGR.

“For a small private business based out of Gibraltar and London it is very difficult for us to explain who we are and what we are and the fact we’ll be a listed company in London on AIM will allow us to be far more transparent with them,” he added.

Nektan, which was formed in 2011, spent a number of years developing its products and only launched its white-label casino platform earlier this year after the Chomp Casino brand went live in April.

The firm now has content live on William Hill and Go Win Casino while further deals are in place with the likes of Mr Green, Leo Vegas, Garbo and free London newspaper City A.M.

Since launch, the company has estimated cash stakes will have risen to around £700,000 in September with real money players fast approaching 3,000.

Nektan currently has a portfolio of 19 in-house developed games all hosted on the company’s own Evolve gaming platform, although the company said it would be prepared to integrate third-party gaming content from next year.

Shaw is a veteran of the egaming industry having set up an online poker network with Victor Chandler in 2000 before launching the IPN Poker network and IBN Bingo network through his start-up St. Miniver, which Shaw sold to GTECH in 2008.