Luckbox has revealed its final IPO schedule, as the esports bookmaker anticipates an early October listing on the Toronto TSX Ventures Exchange (TSXV).
Updating investors, the Isle of Man-based operator confirms that it has closed its pre-IPO bookbuild, securing back-to-back oversubscribed funding rounds raising a total of CAD $5 million (€3.3m).
Luckbox management states that the ‘significant upsizing’, is a testament of the firm’s investor appeal, as the company originally anticipated a CAD $2-3 million funding round in May when it announced its initial TSXV Plans.
Moving forward, Luckbox confirms that pre-IPO subscription receipts will be automatically exchanged for securities in TSXV ‘capital pool partner’ Elephant Hill, upon the completion of the proposed IPO.
TSXV IPO rules allow for companies to form capital pool company (CPC) partnerships, with a syndicated fund providing smaller ventures alternative methods and dedicated resources to raise capital.
As a result of its capital pool, Luckbox will merge its business with Elephant Hill, who will maintain the corporate listing on the TSXV exchange, with Luckbox becoming a wholly-owned subsidiary of the Canadian fund.
“The management team and board of directors have been working hard to prepare for the public listing. Luckbox CEO Quentin Martin said.
“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”.
Closing its statement, Luckbox details that it is currently recruiting for ‘five key positions’, expanding its executive team.
Post IPO growth plans include a rapid scaling up of Luckbox’s global marketing campaigns, the acquisition of additional gaming licenses to allow access to further regulated betting markets, and the acquisition of an odds provider helping develop a B2B esports proposition.