GAN Ltd., a software provider based in the UK, has finally attained its goal of becoming a publicly-listed company. The company had earlier announced its move to get listed on a US-based exchange with an IPO that put 4.05 million shares on sale, banking on an increase in value from about $6.50 to $8.50 per share.
GAN Ltd. is now live on NASDAQ under the ticker GAN. The company’s initial IPO plan was to gain about $34.5 million from the sale, but after multiple investors expressed interest in buying the shares, it increased the share offering to put a total of 6.38 million shares up for sale. Thanks to the massive public interest, the company ended up increasing its share price to $8.50, and as a result, 77% more funds were directed to the company’s operations.
After the massive success, the company said that the gross proceeds from the IPO before deducting financing commissions and discounts as well as expenses payable by the company would sum up to roughly $54.2 million. This was, however, without any exercise of the financer’s option to buy additional ordinary shares.
The share prices sold at $10.60 per share when the company went public with shareholders already gaining returns from their investment. The share prices went on increasing up to $13.92 per share during the first day at the stock market before slightly dropping to $13.25 at the end of the day. GAN gained approximately 55% in returns despite the current Covid-19 pandemic that has brought the world to its knees. With such an impressive market performance, there is indeed a bright future for the company after going public.