British online gaming software provider GameAccount Network has raised £22.2m following the successful closing of an institutional placing of its shares, valuing the company at approximately £75m.

Strong institutional investor interest in the placing resulted in an offer of new shares raising £15m (€18m) for the company, together with a sale of shares by certain existing shareholders in the company amounting to £7.2m (€8.7m).

The company expects to be admitted to trading on the AIM market of the London Stock Exchange and the ESM market of the Irish Stock Exchange next Monday, November 25th, under the ticker symbol GAME.

On admission, 55,376,286 ordinary shares will be in issue at a placing price of £1.35 per share, resulting in a market capitalisation of approximately £75m for the company. 63 per cent of the issued share capital will be subject to a 12-month lock-in followed by 12 month orderly market arrangements.
 
GameAccount said that the placing will enable the company to accelerate the growth of its business and, in particular, to expand its US sales and development infrastructure, drive further growth in Europe and continue to invest in its technology platform and gaming content.

“Strong international investor interest contributing to an oversubscribed offering highlights the significant opportunity for GameAccount Network in a rapidly growing regulated internet gaming sector,” said GameAccount CEO Dermot Smurfit. “We will continue to strengthen our business in Europe and our successful placing enables us to rapidly expand our US business.

“We are pleased to welcome quality, international institutions as shareholders on Admission and believe that this reflects the strength of our investment case and prospects.

“We have a proven management team, a best‐in-class internet gaming technology, no debt and a strong financial position to capitalise on the opportunities presented by the regulated internet gaming sector.”

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