Online bingo and games operator Stride Gaming has announced its intentions to raise a minimum of £10 million on the London AIM. The operator has requested for admission of its shares to be traded on the London AIM, by announcing Cantor Fitzgerald Europe to act as its nominated adviser. Stride Gaming will look to commence trading by the 19 May.
Stride Gaming the operating firm of multiple igaming brands such as Kitty Bingo, Jackpot Café, Spin&Win and King Jackpot aims to use its float capital to increase its resources for organic growth and to fund potential acquisition opportunities within the UK igaming market.
Stride Gaming noted that the POC charges which had impacted the UK online bingo sector, offered a opportunity for Stride Gaming to establish itself as a market leader. Stride Gaming management stated that the operator would use its property software to take advantage of current online bingo market conditions
The company London AIM float will be led by former Sportingbet Plc CEO Nigel Payne who acts as Non-Executive Chairman of Stride Gaming. Payne commented on the purposed AIM float:
“We feel this is an opportune moment for a scale bingo-led operator to come to Aim to capitalise on the opportunities afforded by regulatory changes, which is forcing consolidation in the industry, to grow organically and through acquisition.
“Our business is profitable, established and run by a highly experienced and proven management team. Today’s news marks an important step in our aim to become the market leader in online bingo.