Esports Technologies, which operates an online gambling platform focused on esports and competitive gaming, raised the proposed deal size for its upcoming IPO on Monday.
The Las Vegas, NV-based company now plans to raise $11 million by offering 2 million shares at a price range of $5.00 to $6.00. The company had previously filed to offer 2 million shares at a range of $4.50 to $5.00. At the midpoint of the revised range, Esports Technologies will raise 16% more in proceeds than previously anticipated.
Esports Technologies develops and operates platforms focused on esports and competitive gaming. It operates a licensed online gambling platform, gogawi.com, which is an esports/sportsbook focused on bettors located in Asia and Latin America. The company offers real money betting on esports events and accepts wagers on major esports titles such as Counter-Strike: GO, League of Legends, and Rocket League, as well as professional sports including the NFL and NBA. Esports Technologies has generated extremely limited revenues to date, and currently generates all of its revenue internationally.
Esports Technologies was founded in 2016 and plans to list on the Nasdaq under the symbol EBET. Boustead Securities is the sole bookrunner on the deal.
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