NeoGames, which provides online gaming technology and services to lottery operators, has announced terms for its IPO.
The Tel Aviv, Israel-based company plans to raise $72m by offering 4.8m shares (45% insider) at a price range of $14 to $16. At the midpoint of the proposed range, it would command a fully diluted market value of $392m.
NeoGames is a technology-driven business that believes it is an innovator in the lottery industry.
As a global B2G and B2B technology and service provider to state lotteries and other lottery operators in Europe and North America, the company offers a full-service solution with all of the elements required for the offering of lottery games. This includes technology platforms, a range of value-added services, and a game studio with a large portfolio of games.
NeoGames was founded in 2005, and the company booked $44m in sales for the 12 months ended September 30, 2020.
It plans to list on the New York’s Nasdaq stock exchange under the symbol NGMS, where Stifel, Macquarie Capital and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of November 16.