Aspire Global plots Stockholm IPO
Platform provider says listing will give it the capital to finance future acquisitions
Aspire Global has announced plans to float 30% of its shares on the Nasdaq First North Premier in Stockholm.
The platform provider said the listing would strengthen its recognition among players, partners, investors, employees in the the sector and provide access to capital to finance its future growth strategy.
The listing will also enhance its ability to use its shares as currency in future acquisitions, the firm said.
“Choosing Stockholm as the Company’s listing venue is an important part of the Company’s development as there is great gaming expertise here in addition to a host of partners and suppliers,” Aspire Global CEO Tsachi Maimon said.
“There is also a great deal of knowledge among Swedish investors, as there are already a large number of listed gaming companies here. For Aspire, the listing provides an opportunity to attract skilled investors and quickly develop and position the Company ahead of future market regulation in a number of EU countries.”
The firm said it had several institutional investors lined up with commitments for around 53% of the shares being offered, equivalent to 15% of the total company.
Swedbank Robur Fonder AB was named as a Cornerstone Investor with commitments for around 26% of the shares in the offering and 8% of the company
Carl Klingberg, who was named as the incoming chairman of the Aspire Global board, said: “Until now, Aspire Global has grown organically, but we see a large potential to accelerate this growth supported by acquisitions.
“Our possibility to achieve this growth is further improved by the listing of the Company which will contribute to increased transparency and enhances our ability to make large investments in a market which changes and develops rapidly.”
Fredrik Burvall, who resigned as the CEO of Cherry in January, was also appointed to the board, and will primarily focus on the company’s growth and M&A strategy.
For the three months to 31 March 2017, Aspire Global’s adjusted revenue grew 5% to €15.9m, with adjusted EBITDA of €2.7m.
Regulated and/or taxed revenues accounted for 46% of the total.