Sports betting platform provider Low6 has said it plans to commence its initial public offering (IPO) in the second quarter of this year, following a fundraising drive in the latter part of 2020 via a partnership with Pires Investments.
Pires Investments, an Alternative Investment Market (AIM)-listed investor that backs next generation technology businesses, in December subscribed for 6,667 ordinary shares in Low6 at £30 each for a total consideration of £200,010 (€229,019/$277,967).
Low6 in Q4 of last year also closed a pre-IPO round, raising £3.3m in convertible notes. Two prominent Australian institutional investors participated in the raise, with the issue being over-subscribed.
The provider, which has raised over £8.0m to date, has now proposed extending the pre-IPO round to allow further investment from an unnamed leading gaming industry player, with any additional funds to provide further working capital.
“We are delighted to see Low6’s progression since our recent investment in December 2020 with a significant increase in users as it continues to roll out new apps in partnership with globally renown sporting brands and work with new influencer partners,” Pires chairman Peter Redmond said.
“Its plans to IPO in Q2 2021 remain on track and we look forward to updating the market on this investment in due course.”
Last month, Low6 launched its UFC Picks mobile app as part of its partnership with the Ultimate Fighting Championship, with more than 8,000 fans using the app.
Low6 also has a partnership in place with the Professional Darts Corporation.
