Hong Kong-based gaming group AsianLogic last week became the first Asian gaming company to float on London's Alternative Investment Market. The IPO generated £44.3 million, which gave the company a market capitalization of £123.1 million.
AsianLogic, founded by former Playtech executive Tom Hall, on Dec. 28 placed 48,523,750 new ordinary shares at 111.62p per share, representing 44 percent of the total placement of 110,281,250 shares. The float earned the company enough capital to buy up additional online gaming operations and gambling companies in the Asia-Pacific region. In addition, the firm plans to establish a "Gaming and Gaming Related Technology Fund," it said.
AsianLogic runs 10 Asia-facing gambling Web sites, eight casinos and two poker rooms, has stakes in slot machine makers and runs an Asian gambling consultancy business.
The group was launched in 2002 by Hall, former British Army officer Chris Parker and Asian gaming veteran Chi Kan Tang, and is being advised by London-listed brokerage Collins Stewart.
On the LSE today, AsianLogic closed at 112p.