Stride AIM float raises £11.2m
First morning of public trading values company at £66.2m, as firm raises more money than expected from listing
Bingo-led operator Stride Gaming announced that dealings of its ordinary shares began this morning on London’s Alternative Investment Market, with the company having raised an above-estimate £11.2m from its initial offering.
A placing price of 132p per ordinary share gave Stride a market capitalisation of £66.2m at launch, with a little over 50m shares issued. Cantor Fitzgerald Europe acted as nominated adviser and broker on the listing.
“Our Admission to AIM will expedite the company’s organic and acquisitive growth strategy and provide it with a fantastic platform to grab significant market share as a result of increased regulation,” Eitan Boyd, Stride’s CEO, said.
“The listing will also enhance the group’s profile and brand awareness and will help facilitate our ambitions to become the market leader in online bingo,” he added.
Stride announced plans for the float earlier this month, hoping to raise £10m to power further growth. Boyd said that going public would also make raising further money for future acquisitions easier, with the company heavily rumoured to be planning a move into the Spanish market.
The firm currently operates a number of bingo brands including Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Café, Jackpot Liner, King Jackpot, and also runs online casino brands Spin and Win and Magical Vegas.
The management team behind Stride, Boyd and Darren Sims, has had previous success growing and selling firms in the online bingo vertical.
The duo previously sold Globalcom, a bingo software business, to 888 for $42m in 2007, while Boyd also sold 888 the Wink Bingo and Posh Bingo brands for £60m in 2009.