Gibraltar-based mobile gaming platform provider Nektan will list on London’s Alternative Investment Market (AIM) later this month, with the company looking to raise approximately £4m through a placing of new shares. Nektan said that the IPO is an important step in the company’s development and will assist in enhancing the its credibility within commercial discussions, while providing it with the opportunity to access capital when commercial opportunities predicate it.
Additionally, the funds raised via the placing will be used to expand the group’s business development and product development, provide sufficient working capital to support the operation of the company’s end-to-end platform, Evolve, and provide headroom for further investment in product development to expand its mobile gaming suite.
“Nektan’s mobile gaming focus, along with its innovative and disruptive technology, means that the company has a very exciting growth opportunity in the regulated global gaming market,” said Nektan’s executive chairman Gary Shaw. “We have a strong commercial pipeline and clear growth strategy and the management team is looking forward to the next phase of the company’s development, creating significant value and growing the business.”
Founded in 2011, Nektan is a B2B provider of mobile gaming platforms which operates under a full Remote Gambling Licence issued by the Gibraltar Licensing Authority.
The company maintains sales and customer support operations in its two primary geographical targets, Europe and North America, from offices in Gibraltar, London and Las Vegas.
Nektan also offers a white label platform which “simplifies” the route to mobile gaming revenues for its target commercial customers, which includes managing the full customer experience and back-office operations, allowing the white-label partner to focus solely on marketing the product to its customers.
The company currently has a number of live white-label partners including Go Win Casino, Red8Casino, William Hill and Winzino. In addition, its contracted pipeline includes RTL Group, City AM, Mr Green, and Cumulus Media.
Nektan has confirmed that it will list its shares on London’s AIM market on or after October 17th, raising approximately £4m through a placing of new shares.
“The IPO will provide us with the transparency to expand our business commercially and the capital to develop our platform and further invest in our product development to expand our leading mobile gaming suite to capitalise on opportunities in regulated global gaming markets,” said Shaw.
Nektan’s growth strategy includes taking a dual track approach in regard to developing the company’s opportunities in the US market. The first track is for its established joint venture, Broadcast Gaming, to deliver freemium mobile gaming content to established agency targets that retain large online audiences.
The company plans to use celebrity endorsements to promote the freemium bingo product and has secured the rights to US actor, comedian and radio and TV host Larry King, to provide voiceover for the mobile bingo product.
The second track will see the company deliver mobile platforms to tribal casino operators to provide Class II and freemium gaming content.
Prior to the listing, Nektan’s largest shareholder is Venture Tech Assets (controlled by Sandeep Reddy) with 15.3 per cent, followed by CEO Shaw with 14.7 per cent.
Panmure Gordon is acting as nominated adviser and sole broker to the company.
source : www.gameintelligence.com
