According to Pires Investments, a shareholder in the mobile betting games and app maker, Low6 plans to launch an Initial Public Offering (IPO)’ are on track’ for Q2 2021.
Pires bought the stock on 14 December 2020 for an average consideration of £ 200,010. This was followed by the closing of a pre-IPO round by Low6, which subsequently raised convertible notes of £ 3.3 million.
Endorsed B2B Business Model
Pires stated at the time that it had endorsed the B2B business model of Low6 as a high reward scheme for developing markets for sports betting and media platforms looking to diversify their conventional portfolios.
Peter Redmond, Chairman of Pires said: “We are delighted to see Low6’s progression since our recent investment in December 2020 with a significant increase in users as it continues to roll out new apps in partnership with globally renowned sporting brands and work with new influencer partners.
“Its plans to IPO in Q2 2021 remain on track and we look forward to updating the market on this investment in due course.”
Low6 has since advised that the funding round would be expanded to enable more investment from a leading player in the gaming industry. Any extra funds raised during the pre-IPO round will be used to provide additional working capital to Low6 as its users continue to expand.
According to Low6, collaborating with three new influencers-Arsenal Fan TV, The United Stand TV and True Geordie-has helped generate ‘better than expected positive impact on user growth’ for the company.
In addition to the influencer partners, the mobile betting games and app developer claims that it will create more user growth through its UFC Picks app, which was released in January 2021.