London-based lottery and gaming provider Tenlot is planning an initial public offering (IPO) in Stockholm as the company looks to build on its recent global expansion.
Established by Croatian billionaire industrialist Jacob Engel, Tenlot is an affiliate of Elenilto Group and provides its services in Africa and Latin America, recently securing long-term agreements in Guatemala and Ghana.
Engel has been involved in a number of sectors, founding Elenilto Group and EngelInvest to establish diverse businesses in mining, real estate, infrastructure, innovative technologies, gaming and entertainment.
Tenlot emerged to address the needs of the company’s business partners, including various governments and investors, and distributes a portion of its profits for the benefit of society in the countries it operates in.
The company has set a target to become one of the world’s leading lottery, gaming and sports betting providers within the next three years.
Tenlot recently received a 25-year license in Guatemala to provide sports betting and other games, and also rolled out 10,000 retail points of sale in Ghana as part of a 20-year agreement with the country’s government. In Ghana, it is aiming to triple annual sales over the next two years.
With a Stockholm IPO expected this year, the company is targeting further expansion in countries including Uganda, Mexico, Kenya, Tanzania, and Mozambique.