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Gambling Software Provider GAN Ups Share Offering by 57% Ahead of $48 Mil US IPO

Written by:
Press Release
Published on:
May/01/2020

AN Limited, a UK-based provider of internet gambling software, raised the proposed deal size for its upcoming IPO on Friday.


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The London, United Kingdom-based company now plans to raise $48 million by offering 6.4 million shares at a price range of $6.50 to $8.50. The company had previously filed to offer 4.1 million shares at the same range. At the midpoint, GAN Limited will raise 57% more in proceeds than previously anticipated to command a fully diluted market value of $224 million.

Formerly GameAccount Network, GAN provides enterprise SaaS solutions for online casino gaming and sports betting applications, namely its GameSTACK internet gaming platform. Its software is used in the UK (15% of 2019 revenue), Italy (15%), and the US (70%), where it is focusing its efforts. As of December 31, 2019, the company's customers operated 53 (101 including recent customer acquisitions) retail casino properties, racetracks, and online sportsbooks, and its largest customers include fantasy sports provider FanDuel (46% of 2019 revenue) and Winstar Casino (20%). DraftKings (DKNG), another fantasy sports provider and FanDuel rival, went public via acquisition by Diamond Eagle Acquisition, and the combined company traded up 10% on its first day trading.

GAN Limited was founded in 2002 and booked $30 million in revenue 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.

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