Light & Wonder, the equipment and game supplier formerly known as Scientific Games, has announced that it is considering a secondary listing on the Australian Securities Exchange (ASX), in addition to its U.S. listing on the Nasdaq.
In a press release from March 15, the company said that it “will be consulting its shareholders as part of this evaluation,” noting that its board “sees substantial potential benefits for the company and its shareholders.”
The release went on to detail some of those potential benefits, first noting that Australia is “one of the leading markets for the company’s gaming business.” A secondary listing would also give the company “access to new long-term Australian institutional investors that would complement its strong existing base of shareholders in the U.S. and Australia.”
As of writing, the company’s share price on the Nasdaq is hovering just above $55.
Light & Wonder did clarify, however, that there was “no assurance” the listing would actually happen, and that more details would only be disclosed after “its evaluation is complete and it has made a decision whether to proceed with an ASX secondary listing.”
Executive Chairman Jamie Odell said in the release, “The ASX is a premium market with a long track record as a platform for global gaming companies and a deep and liquid pool of sophisticated investors and market participants who have a strong understanding of the gaming business.”
The company posted $21 million in profit for the fourth quarter of 2022, as well as a 17.6 increase in revenue year-over-year.
