London's run of flotations continued into a new month, with the arrival of Winvia Entertainment PLC (AIM:WVIA), a lottery and gaming operator in the UK and Romania, after raising £40 million in a placing with institutional investors.
The shares were issued at a price of 195p apiece, which with 105,126,590 shares in admission, gave it a debut market capitalisation of £205 million.
A warm reception was reported for the placing, with the company saying it was "substantially oversubscribed" and "very strongly supported" by institutional investors, and the shares rose 7.7% to 210p the early dealings.
Winvia is majority owned by Teddy Sagi, the billionaire founder of Playtech PLC (LSE:PTEC), whose Globe Invest family office vehicle bought Best of the Best PLC (AIM:BOTB) for £45.3 million in 2023.
BOTB and Click Competitions, an online prize draw competition platform acquired in May, make up the UK part of Winvia's business, with the other half being the Romanian online gaming market through owned brands, PrincessCasino.ro and Luck.com, as well as white-label partnerships.
Chief executive Mihai Manoila said the admission to AIM "marks a major step for Winvia Entertainment".
"We've built a highly profitable, technology-driven business across two fast-growing markets, UK prize draws and regulated online gaming, and we see considerable scope to accelerate our growth strategy in the UK prize draw market through organic and inorganic opportunities."