AsianLogic, a slot machine and betting software group, is set to become the first Asia-based gambling group to seek an IPO on the Alternative Investment Market of the LSE.
According to the firm's co-founder, Tom Hall -- former chief executive at Playtech -- the offering, worth $110 million, is scheduled to be made before Christmas.
Hall told Reuters that $90 million of the proceeds had been designated for expansion and acquisitions. He said that the firm would spend an estimated $50 million buying up or taking stakes in rival Asian groups, around $20 million developing slot machines for land-based hotspots in Macau and the Philippines and planned to place the remainder in a gaming and technology investment fund.
AsianLogic runs 10 Asia-facing gambling Web sites, 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.