SafeCharge raises $125m from initial public offering

Payment service provider SafeCharge has raised $125 million from its initial public offering, 25% more than originally intended, according to the Financial times newspaper.

As reported by iGaming Business, Teddy Sagi, founder of online gaming software supplier Playtech and 90% shareholder in SafeCharge, confirmed plans to raise around $100 million by listing shares on London’s junior alternative investment market stock exchange.

Shares in the company will begin trading today (Wednesday) with a market capitalisation of $400 million

Sagi’s Northstar beneficial trust will see its stake diluted to 66% after an offering that is issuing 150 million shares priced at 162p.

David Avgi, founder and chief executive of SafeCharge, will retain his 2.9% stake.

“The proceeds of the placing will be deployed to accelerate the company’s growth strategy both through acquisition and organic means,” Avgi said.

The floatation comes just days before the Grand National, the UK’s premier horseracing event and one of the firm’s busiest gambling days of the year.

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