Games Global has shelved plans for an initial public offering in the United States, citing the strong performance of the business.
The casino content supplier had planned to raise between $232 million and $275.5 million from the IPO and filed its registration statement with the US Securities and Exchange Commission (SEC) in April.
The offering was priced in the range of $16.00 to $19.00 per share just 10 days ago and valued Games Global at more than $2.0 billion.
The company said on Monday that the IPO is being postponed, in spite of strong investor interest, because of the continued positive performance of its underlying business, as well as its anticipated trajectory following launch in the US gaming market earlier this year.
“While we are disappointed not to be entering the public markets in the near term, meeting with investors during this IPO process has further cemented our confidence in our strategy and that what we are building at Games Global is unique,” said chief executive Walter Bugno.
“With a strong balance sheet, healthy margins, and meaningful growth, an IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy. Our team remains committed to delivering the most innovative games on the market.
“We will continue to monitor the capital markets going forward and make the appropriate reconsiderations as to an IPO in the future.”
The registration statement filed with the SEC in April has not yet become effective, meaning that no shares in the company have been offered or sold.