Live Dealer Provider's I.p.o. Goes Well

LIVE DEALER PROVIDER'S I.P.O. GOES WELL

20th March, 2015 at 16:07:09
Source: http://www.azonlinecasinos.com

Strong interest in Evolution Gaming shares on the Nasdaq First North Premier exchange.

The much-heralded 225 million IPO of live dealer technology and content provider Evolution Gaming has launched and the shares are attracting strong interest on the Nasdaq First North Premier exchange, the company claimed in a statement Friday.

The shares are now trading on the Consumer Services sector of the exchange after the offering was substantially over-subscribed by Swedish and international institutional investors, and the general public in Sweden.

Evolution's prospectus revealed that the company has over 70 casinos taking its live dealer product, which is available on both desktop and mobile devices.

The group employs approximately 1,300 people, with the majority based in Latvia and Malta, although the parent company is domiciled in Sweden.

"We are overwhelmed by the interest that investors have shown Evolution Gaming during the listing process and would like to welcome all new shareholders to the company", said Jens von Bahr, co-founder and CEO of Evolution Gaming Friday.

In 2014, Evolution Gaming reported total revenues of Euro 48.5 million and an EBITDA of Euro 17 million, corresponding to an EBITDA margin of 35% (see previous reports).

The final offering price was set at SEK 80 per share, corresponding to a market value of Evolution Gaming of SEK 2,878 million, and the shares on offer constitute 43.4% of the company.

The total value of the offering amounts to SEK 1,437 million, assuming that the over-allotment option is exercised in full. Approximately 7,000 investors have been allotted shares.

Joel Citron, chairman of the Evolution Board, said the IPO had attracted the type of long-term, stable investors the directors had hoped for.

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