GAN Limited, a UK-based provider of internet gambling software, raised $54 million by offering 6.4 million shares at $8.50, the high end of the range of $6.50 to $8.50.
At pricing, the company commands a fully diluted market value of $254 million. GAN is currently listed on London's AIM under the symbol GAN. Adjusting for a four-for-one share exchange, GAN's as-converted last close was $11.20 (+32% vs. pricing).
Formerly GameAccount Network, GAN provides enterprise SaaS solutions for online casino gaming and sports betting applications, namely its GameSTACK internet gaming platform. GAN's US listing follows that of DraftKings (DKNG), which recently began trading on the Nasdaq following the completion of its SPAC merger.
GAN Limited plans to list on the Nasdaq under the symbol GAN. B. Riley FBR acted as lead manager on the deal.
The article Gambling software provider GAN prices US IPO at $8.50 high end originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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