Affiliate marketing company Gambling.com has announced its intention to go public on the Nasdaq stock exchange, and has submitted its F-1 registration statement form to the United States Securities and Exchange Commission (SEC).
The affiliate has not yet announced a pricing for the initial public offering, nor has it confirmed how many ordinary shares it intends to offer. It said, however, that the net tangible book value per share as of 31 December, 2020 was $0.37.
It hopes to list its shares under the ticker symbol “GAMB”.
In its registration statement, Gambling.com said it had granted its underwriters for the listing an option for a period of 30 days to purchase additional shares.
The company intends to use the net proceeds from the offer for general corporate purposes, including working capital, operating expenses and capital expenditures, as well as potential strategic investments and acquisitions.
It said it does not anticipate paying any dividends to shareholders in the foreseeable future. Any future earnings will be retained to finance operations and expand the business, the statement said.
The group pointed to its growth in recent years, showing that its revenue for the financial year 2020 was $28.0m, up from $19.3m in 2019.
The business also saw reduced sales and marketing expenses for 2020, at $8.1m compared to $10.9m in the previous year. General and administrative expenses increased from $4.2m to $6.0m, while technology expenses remained consistent for both years.
This meant the business made an operating profit of $11.1m in 2020, up significantly from $1.4m.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to $3.7m in 2019, and grew to $14.6m in 2020.
Finance expenses were down from $2.5m to $2.1m, while financial income increased from $140,000 to $303,000. This left the group with an income before tax of $10.8m in 2020, compared to a loss before tax of $1.0m in 2019.
After a tax charge of $872,000 in 2019, the group was left with a net loss of $1.9m. In 2020, an income tax credit of $4.4m gave a net income of $15.2m.
