Slot political machine maker Light & Wonder (NASDAQ: LNW) told investors Wed it’s considering a secondary itemisation of its equity on the Australian Securities Exchange (ASX).
That would be inwards gain to its current, primary itemisation on the Nasdaq. Australia is ane of Light & Wonder’s largest markets outside the US and a Sydney itemization could apply the gaming society enhanced exposure to Australia’s institutional investors.
The ASX is a premium market place with a long caterpillar tread record as a political program for planetary gaming companies and a late and liquidness pocket billiards of sophisticated investors and market place participants who make a warm discernment of the gaming business,” said L&W Executive Chairman Jamie Odell inwards a statement.
The Las Vegas-based companionship said it will update investors when the valuation operation is finalized, though it didn’t reveal a related timeline. It added that in that respect are no more guarantees that a secondary itemisation on the ASX testament materialize.
Light & Wonder’s Deep Australia Ties
This isn’t the first clip L&W has mulled an ASX listing. Nearly two years ago — and then operating as Scientific Games — the company reportedly meshed Aussie investment funds cant Jarden Commonwealth of Australia to judge a potentiality secondary itemization inward that country.
Several months later, the fellowship said it was considering an Australian initial public offering (IPO) for its SG Lottery unit. That dealings didn’t materialize because the parent accompany eventually sold the lottery business organisation to private equity loyal Brookfield, allowing it to substantially lose weight debt, which was the primary election motive for considering the ASX listing.
L&W has other Aussie ties, as well. Odell is a well-respected Aussie gaming executive director and previously ran Aristocrat — the world’s largest slot political machine maker — for a decade. He’s also a constituent of Caledonia Investments, which previously purchased a $1 one million million post in Scientific Games from moneyman Daffo Perelman.
“We trust they (Australian investors) testament revalue the value and long-term potency of L&W’s broad international business sector and strategy. We appear send on to engaging with the market place and our stream shareholders on a potentiality secondary listing,” added Odell in Wednesday’s statement.
Light & Wonder Could Be Interesting to Aussie Investors
Based on Wednesday’s closing market capitalisation of $5.13 billion, Light & Wonder is classified as a mid-cap stock, import it’s excluded from some popular, big cap-heavy domesticated equity gauges. Based on that market value, it would follow the 90th-largest fellowship trading on the ASX.
Another reason L&W could follow evaluating the secondary ASX itemisation is because Australian investors, both pro and retail, are in general more excited nigh gaming equities than are their US counterparts. For example, L&W contender Aristocrat Leisure Ltd. is the 18th-largest ASX-listed firm. Several other gaming operators rank among the 200 biggest firms trading inward Sydney.
Additionally, Australian market participants make an kinship for US stocks. As just now i object lesson of that trend, the largest exchange-traded monetary fund (ETF) inward the state is linked to the S&P 500, not a bench mark of Aussie equities.
This content is brought to you by the most popular SCR888 Download in Malaysia.