Games Global has postponed its initial public offering in the US, despite receiving strong investor interest.
The decision came just hours before the firm was expected to go public, with the firm handing a Withdrawal of Registration statement to the SEC following a decision from the Board of Directors.
A statement from the company read: “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”
The board believed it to be ‘in the best interest’ of its stakeholders due to boasting ‘continued positive performance’ in the US.
Following the IPO cancellation, Games Global suggested that it will ‘continue to monitor the timing for the proposed offering’, as well as ‘evaluate all strategic opportunities that align with the company’s long-term strategy’.
Walter Bugno, CEO of Games Global, stated: “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.
“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 igaming supplier group will remain a privately held company in the US market, where it launched earlier this year.Always a consistent performer in the Eilers-Fantini charts, the group acquired US-focused provider DGC to strengthen its position in the nation.