IPO for Evolution Gaming


For all you players out there prone to spending a little more time on the Evolution Gaming’s live tables than perhaps you should, here’s a way to hedge your bets.

The company today announced they’ll be offering their shares to the public with a listing on the Nordic Nasdaq First North Premier exchange.

If all goes to plan, shares will begin trading on 20 March 2015.

Details of the initial public offering including prospectus and application forms are now available in the (new) INVESTORS section of their (also new) website.

Here are the broad brushstrokes.

The offering

Depending on the level of demand during the book build up to 17,966,198 existing shares, primarily held by the company’s senior management and board of directors, will be made available. This represents 49.9% of shares on issue.

The final offer price will be determined during the book build process, but an indicative price has been set at SEK 70 – 80 per share (€ 7.60 to € 8.70), valuing the company at between € 275 million and € 313 million.

All proceeds from the offering will go to the selling shareholders with none of it going to the company. With 2014 total revenues of EUR 48.5 million and an EBITDA of EUR 17.0 million (EBITDA margin of 35 percent) a capital raising wouldn’t appear to be a priority!

The reason

According to the official release, the board

believes that broadening and diversifying the shareholder base of the Company, and enabling employees and other shareholders to realise joint ownership of the Company, enhances the prospect of increased awareness of the Company and strengthens the Evolution Gaming brand.

Which is one way of saying we’d like to pocket €150 million cash.

They also express their intent to apply for a listing on Nasdaq Stockholm main market within 12 months of listing on the First North exchange. First North is an alternative stock exchange for smaller companies in the Nordic Countries.

The timetable

  • 10 March – 18 March 2015:  Application period for the general public in Sweden
  • 10 March – 19 March 2015:  Book building process for institutional investors
  • 20 March 2015: Announcement of the final Offering price
  • 20 March 2015:  First day of trading on Nasdaq First North Premier, under ticker EVO


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