Online lottery solutions provider NeoGames raised $81.7m through initial public offering, after selling 4.8m shares, priced at $17.00 apiece.
The initial public offering, which sees NeoGames shares begin trading on the Nasdaq Global Market today (19 November), consisted of 2.6m ordinary shares sold by the company, and 2.2m ordinary shares offered by selling shareholders.
While the supplier had initially expected to raise $72m by selling the shares priced in the range of $14 to $16, the higher pricing meant generated proceeds that were 13.5% higher than anticipated.
The company, when first announcing plans for the listing, said it anticipated generating up to $90m through the offering.
The supplier has also granted the underwriters a 30-day option to purchase up to 721,128 ordinary shares at the initial public offering price. This offering is expected to close on November 23, subject to the satisfaction of customary closing conditions.
Investment bank Stifel is acting as the lead bookrunner and representing the underwriters, with Macquarie Capital and Truist Securities serving as joint bookrunners.
NeoGames, which was established in 2005 and spun off from Aspire Global in 2014, generated sales of $44m in the year ended September 30.