GameAccount Network (GAN), a developer and supplier of enterprise-level B2B gaming software and online gaming content, joined the junior markets of the London and Irish stock exchanges this morning, listing at a price of £1.35 (€ 1.61). At the time of placing, the company’s market capitalisation stood at £75 million (€90mn) but the shares have performed strongly in early market trading, rising to £1.47 in London and €1.80 in Dublin soon after markets opened.
The move has raised £22.2 million (€26.7mn) to fund GAN’s foray into the US online casino market. The company was founded in 2000 by David McDowell and Kevin O'Neal.
GAN, which is headquartered in London with more than 70 staff, supplies online casino games in regulated markets throughout Europe. It licenses its gaming content platform to UK, Spanish and Italian gaming operators including, PaddyPower, William Hill, Rank, Lottomatica, Sisal MatchPoint, and SNA.
The Smurfit family still holds a 33 per cent stake following the listing.* Michael Smurfit, the owner of the K Club, will retain 9.5 per cent following the flotation, while Dermot Smurfit Jnr, GAN's chief excutive, will be the largest shareholder with a stake of more than 13 per cent.
Other shareholders include Dermot Desmond, who backed GAN from the start, with a 2.2 per cent stake, and Betfair founder Andrew Black, who owns a 9.5 per cent share.
Deirdre Somers, chief executive of the ISE, welcomed the move.
“We hope to see more companies do this following the recent change in Government policy which will see investors in ESM companies exempted from stamp duty. We anticipate strong trading in GameAccount Network among the ISE’s international membership base and look forward to a long relationship between its management and board and the Irish market.”
*A factual error was amended in this article at 4.30pm on Tuesday, December 17th, 2013
