Amid the ongoing chaos Down Under, at least one interactive gaming company has good news to report. Despite threats by the federal government to ban any new licenses from being issued, GOCORP Limited ended its A$20 million IPO oversubscribed.
The IPO was launched April 19 and scheduled to last one month.
CEO Paul Appleby was delighted with the results. "At a time when investors are nervous and a number of floats have been shelved, the market's enthusiastic response to GOCORP's share offer is solid confirmation of the inherent value in our business proposition," Appleby said.
GOCORP offered 40 million shares at 50 cents per share, while market capitalization at the offer price is A$120 million. Following the allocation of shares later this month, GOCORP will be listed on the
Australian Stock Exchange.
Other floating Australian e-gaming companies haven't been so lucky. Between a rocky stock market and the uncertain legal climate in Australia, Lasseters Holdings Ltd., for example, had to scale back its IPO by 25 percent, sans the assistance of an underwriter. Access Gaming recently pulled its IPO of the shelf altogether.