Light & Wonder receives conditional ASX share listing approval
Las Vegas-based firm looks to enhance its profile and gain access to new investors with a secondary listing in Australia
Light & Wonder has been given conditional approval from the Australian Securities Exchange (ASX) to list its shares on the stock exchange.
Following the approval, the supplier is expected to be added to the ASX as an ASX Foreign Exempt Listing on 18 May, with an official quotation CHESS Depositary Interests (CDIs) on 22 May.
The listing and official quotation still remain subject to final approval by the ASX.
Light & Wonder first discussed floating on the ASX in mid-March after it consulted shareholders on the proposal.
The firm said it was exploring the dual listing at the time as it looked to “accelerate the company’s strategic journey” to add further funding to support its future aims.
There were two core reasons as to why the firm wanted to list itself on the ASX. The first was to enhance the firm’s reputation and presence in Australia, which the supplier stated was one of the “leading markets” for the business.
The other reason was to give the firm access to a new crop of long-term Australian institutional investors to add to its existing roster of investors.
At the time, Light & Wonder’s executive chair Jamie Odell said: “The ASX is a premium market with a long track record as a platform for global gaming companies and a deep and liquid pool of sophisticated investors and market participants who have a strong understanding of the gaming business.
“We believe they will appreciate the value and long-term potential of Light & Wonder’s broad international business and strategy.”