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NeoGames aims to raise $90m through Nasdaq listing


Online gambling and lottery solutions provider NeoGames has announced plans to raise up to $90m through an initial public offering (IPO) in the US.

NeoGames filed its IPO proposal with the Securities and Exchange Commission (SEC) yesterday (October 27), with plans to list on the Nasdaq under the symbol ‘NGMS’.

Stifel, Macquarie Capital and Truist Securities will serve a the joint bookrunners on the listing, but, according to investment bank Renaissance Capital, pricing terms for the IPO have not yet been disclosed.

Founded in 2005 and spun off from Aspire Global in 2014, Luxembourg-based NeoGames booked $44m in sales during the 12 months to September 30.

Meanwhile, William Hill has said that NeoGames’ planned IPO will not impact it proposed acquisition by US gaming giant Caesars Entertainment Inc., despite it owning a 29.4% stake in the lottery solutions provider.

William Hill purchased its stake in NeoGames in August 2015 for $25.0m, in a deal that also gave it the option of acquiring the remaining 70.6% of shares in the provider either three or five years after the initial purchase.

Addressing the news of the proposed IPO and how this could impact the Caesars deal, William Hill said that it would not “invoke any condition so as to cause the acquisition not to proceed, to lapse or to be withdrawn”.

Caesars last month announced details of its proposed cash offer for William Hill, with the deal set to be worth £2.9bn ($3.76bn).

William Hill shareholders are scheduled to vote on the acquisition on November 17, with a court hearing on the deal to take places two days later.