Gambling software provider Game Account Network (GAN) reported that it generated a total of $62.4 million from its U.S. initial public offering, nearly double the $34.5 million it predicted last month.
According to a report by iGaming North America, GAN sold 7,337,000 ordinary shares, priced at $8.50 per share. This included the underwriters’ option to buy 957,000 ordinary shares, which was taken up in full. The $62.4 million figure was reached before deducting any underwriting discounts and commissions, as well as estimated offering expenses payable by GAN.
In connection with the offering, GAN has reorganized its business setup, with U.K.-based GAN Plc. becoming a wholly-owned subsidiary of GAN Limited. Former shareholders of GAN Plc. received one ordinary share of GAN Limited for every four ordinary shares of GAN Plc. and an aggregate of £2 million in cash.
GAN shares closed up 6.51 percent at $14.39 per share on May 8.
