Low6’s plans to launch an Initial Public Offering (IPO) in Q2 2021 ‘remain on track’, according to Pires Investments – a shareholder in the mobile betting games and app developer.
On 14 December 2020, Pires purchased the shares for a total consideration of £200,010. This was followed by Low6’s closure of a pre-IPO round, which subsequently raised £3.3 million in convertible notes.
At the time, Pires noted that it had backed Low6’s B2B business model as a high reward scheme for emerging sports betting markets and media platforms seeking to diversify their traditional portfolios.
“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,” commented Peter Redmond, Chairman of Pires.
“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 it will extend the fundraising round ‘to allow further investment from a leading gaming industry player’. Any additional funds raised during the pre-IPO round will be used to ‘provide Low6 with further working capital as its users continue to increase’.
Partnering with three new influencers – Arsenal Fan TV, The United Stand TV and True Geordie – have, according to Low6, helped generate ‘better than expected positive impact on user growth’ for the company.