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GAN raises $62.4m from US IPO


Gambling software provider GAN has revealed that it was able to generate a total of $62.4m from its US initial public offering, signficantly more than it had initially anticipated.

GAN sold 7,337,000 ordinary shares, priced at $8.50 per share. This included the underwriters’ option to buy 957,000 ordinary shares, which was taken up in full.

The provider noted that the $62.4m it was able to raise was before deducting any underwriting discounts and commissions, as well as estimated offering expenses payable by GAN.

Upon setting out its plans for the IPO last month, GAN said it hoped to generate $34.5m by selling 4,055,000 shares, meaning that the provider was able to far surpass its initial expectations.

The shares began trading on the Nasdaq Capital Market on May 5 under the symbol ‘GAN’. Shares in the business closed up 6.51% at $14.39 per share on Friday May 8.

In connection with the offering, GAN said it affected a reorganization and share exchange, through which its UK-based GAN plc became a wholly-owned subsidiary of GAN Limited.

As part of this arrangement, the former shareholders of GAN plc received one ordinary share of GAN Limited for every four ordinary shares of GAN plc and an aggregate of £2m in cash.

In addition, the ordinary shares of GAN plc that previously traded on the London Stock Exchange were delisted on May 6.