European mobile gaming specialist LeoVegas has announced that its Stockholm Nasdaq First North Premier initial public offering was significantly oversubscribed as the operator hit peak trading of SEK 38.6 (£3.30) per share.
Debuting trading under the ticker name ‘LEO’, LeoVegas AB had opened its Nasdaq trading at SEK 32 corresponding to its market value of SEK 3.19 billion (£275 million).
At the beginning of 2016, LeoVegas governance had detailed its initial plans to float on a Scandinavian exchange, citing that the company had received ‘exceptional interest’ in funding from Swedish and international investors.
In March LeoVegas co-founders Gustaf Hagman and Robin Ramm-Ericson disclosed to the media that the company had begun preparing for its listing on the Nasdaq North Premier, appointing Avanza Bank AB as its certified adviser.
Finalising its first day of trading LeoVegas AB welcomed 30,000 new shareholders, as the company targets rapid expansion in the European online gaming and betting markets.
Issuing a statement Gustaf Hagman and Robin Ramm-Ericson commented on the IPO
“The European market for mobile gaming entertainment is still in its infancy,”
We want LeoVegas to lead the way in into the mobile future. We strive to spearhead technology innovation and the mobile gaming experience, and see a solid growth potential for many years to come. LeoVegas is the best in mobile, and mobile is the future.”
Source: SBC News
