Online gaming systems and software provider GameAccount Network has raised £22.2 million (€26.7 million/$35.5 million) in the successful placing of new shares ahead of its flotation on the London Stock Exchange’s Alternative Investment Market (AIM).
The company plans to be trading on the AIM, as well as the Enterprise Securities Market on the Irish Stock Exchange, by November 25.
GameAccount Network will have a market capitalisation of approximately £75 million, in addition to reported strong institutional investor interest with the placing oversubscribed.
The firm stated that the placing would enable it to accelerate business growth, expand its US sales and infrastructure and drive further growth in Europe.
“Strong international investor interest contributing to an oversubscribed offering highlights the significant opportunity for GameAccount Network in a rapidly growing regulated internet gaming sector,” GameAccount’s chief executive officer, Dermot Smurfit Junior, said.
“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.”