Luckbox has announced its final IPO schedule, as the esports bookmaker anticipates a Toronto TSX Ventures Exchange (TSXV) listing in early October.
The Isle of Man developer, informing creditors, reveals that it has closed its pre-IPO bookbuild, securing back-to – back over-subscribed funding rounds generating a total of CAD $5 million (€3.3 million).
Luckbox management claims the ‘significant upsizing’ is a testament to the investor appeal of the firm, as the company originally expected a funding round of CAD $2-3 million in May when it revealed its initial TSXV plans.
In the future, Luckbox states that, upon completion of the planned IPO, pre-IPO subscription receipts will immediately be exchanged for shares in TSXV ‘s capital pool affiliate Elephant Hill.
The TSXV IPO rules require businesses to form capital pool partnerships (CPCs), with a syndicated fund offering alternative strategies for smaller projects and committed capital raising services.
Luckbox will combine its business with Elephant Hill as a result of its capital pool, and will retain the corporate listing on the TSXV exchange, with Luckbox being a wholly-owned subsidiary of the Canadian company.
Luckbox CEO Quentin Martin said: “The management team and board of directors have been working hard to prepare for the public listing.”
“We have enjoyed positive discussions with the TSXV, completed the Business Plan required for filing, draft financials are complete, with final audit sign-off expected by end of July. Ultimately, we anticipate receiving TSXV listing approval by early October 2020.”
Luckbox continues its announcement that it is actively hiring for ‘five key positions,’ expanding its executive team.
Post IPO growth plans include a rapid scaling up of Luckbox ‘s global marketing strategies, obtaining additional gaming licences to allow access to more controlled betting markets, and obtaining an odds provider to help build a B2B sports proposal.