Gaming company Amaya Gaming has announced that its Innova Gaming Group subsidiary has filed and obtained a receipt for a preliminary prospectus in respect of Innova’s proposed initial public offering (IPO) with the regulatory authorities in Canada.
The IPO contemplates a treasury offering of common shares by Innova as well as a secondary offering of common share by Amaya, which will receive the net proceeds for the common shares sold under the IPO.
Innova was formed in connection with the IPO and, upon completion of the move, will hold all shares of Diamond Game Enterprises, a games designer and developer that services games, systems and tickets in the North American gaming market.
“The decision to spin off its subsidiary Diamond Game is consistent with Amaya’s previously announced intention to explore various strategic opportunities to divest its B2B assets, to maximise shareholder value by facilitating the repayment of indebtedness and/or the repurchase and cancellation of Amaya’s common shares,” Amaya said in a statement.
Amaya also noted that the IPO will be made through a syndicate of underwriters that will be led by Canaccord Genuity and include Cantor Fitzgerald Canada Corporation, Cormark Securities, Desjardins Securities, Dundee Securities and Clarus Securities.
Completion of the IPO remains subject to and conditional upon the receipt of all necessary approvals, include those from regulatory authorities.
source : www.igamingbusiness.com