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Games Global will target a valuation of up to $2.13bn in its initial public offering on the New York Stock Exchange (NYSE).

The iGaming supplier today announced it intends to sell 14.5 million ordinary shares for a price of between $16.00 and $19.00 per share.

Of these, 8.5 million will be sold by current Games Global owner Zinnia Group, and 6 million will be offered by the business itself.

This implies the offering will raise between $232m and $275.5m, with between $96m and $114m being invested back into the business.

These funds will be used to drive Games Global’s research and development efforts, and expand its sales and marketing operations, according to last month’s SEC filing.

The money will also be used to support the business’ launch in new markets, as well as improve its technical infrastructure.

Games Global also said the proceeds could be directed towards M&A, but did not commit itself to any deal.

Games Global snubs London

The IPO, which was first made public last month, saw the Isle of Man-listed supplier snub the London markets in favour of a US listing.

Many European companies are increasingly looking stateside for listings, in search of deeper capital markets and a broader investor base.

These include Flutter, which this week saw its proposal to move its primary listing to the NYSE approved by shareholders at its AGM.

Trading under the ticker symbol GGL, Games Global’s listing is likely to be the largest gambling IPO of the year.

JP Morgan, Jefferies, Macquarie Capital, Barclays and BTIG will act as underwriters of the project.

Zinnia will retain over 50% of Games Global’s total stock following the completion of the IPO.

The US listing is a signal the Walter Bugno-led business intends to focus on its North American growth in the coming years.

The provider has said it intends to launch its live casino product in the US by the end of 2024.

Games Global recorded a 23.4% year-on-year increase in revenue to €273.2m for the nine-month period ending 31 December.

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