GAN Limited, a UK-based provider of internet gambling software, announced terms for its IPO on Monday.
The London, United Kingdom-based company plans to raise $30 million by offering 4.1 million shares at a price range of $6.50 to $8.50. At the midpoint of the proposed range, GAN Limited would command a fully diluted market value of $206 million. The company is currently listed on London's AIM under the symbol GAN. Adjusting for a four-for-one share exchange prior to the closing of its US IPO, GAN's as-converted last close was $8.29, above the proposed midpoint.
GAN Limited was founded in 2002 and booked $30 million in sales for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol GAN. B. Riley FBR is the sole bookrunner on the deal. It is expected to price during the week of May 4, 2020.
