LONDON, UK: LEAF Mobile Inc. (TSX: LEAF), a leading Canadian free-to-play mobile game group, announced its intention to conduct an initial public offering (IPO) and join the Main Market of the London Stock Exchange (LSE) this winter.
LEAF Mobile Inc., which started trading its common shares on the Toronto Stock Exchange (TSX) on February 10th, 2021, will assume a dual-listed structure.
The company’s common shares will continue to be listed and trade on the TSX in Canada under the symbol “LEAF”, as well as trade on the OTC Markets Group’s OTCQB Marketplace in the United States under the symbol “LEMLF”.
The company intends to raise gross proceeds of approximately CAD$10 million and the flotation is expected to value LEAF Mobile at approximately £130 million.
This secondary London listing is part of LEAF’s growth strategy and brings Canada’s largest free-to-play mobile game group to the LSE. The net proceeds of the capital raising will be used to further scale the business.
LEAF Mobile is operating within a fast-growing sector with a rapidly increasing total addressable market. Mobile Games are the world’s most popular form of gaming.
Mobile games are expected to reach 2.6 billion players and generate revenues of USD$90 billion in 2021, representing more than half of the global games market in terms of revenue, according to Newzoo data.
Games are also the most dominant category within the mobile applications ecosystem with gaming accounting for more revenue on iOS than every other category combined. Games accounted for 66% of all App Store revenue in 2020, according to Sensor Tower data which also found that approximately USD$47.6 billion was spent on iOS games in 2020, up 25% from 2019.
Darcy Taylor, Founder and CEO of LEAF Mobile, said: “The mobile games market will gain increasing popularity in the next ten years, with free-to-play games acting as the industry’s foremost segment.
London is a global hub for video gaming, creative industries and technological innovation and a London Stock Exchange listing will help LEAF Mobile to position itself at the forefront of the sector’s growth. Moreover, the dual listing will provide us with a springboard to achieve our ambitious growth objectives in Europe and enhance our access to London’s deep and advanced capital markets.”
LEAF Mobile was incorporated in 2018 with the objective to lead the free-to-play mobile game space through a distributed development & publishing studio structure and proprietary Game Kit software that can change the framework of mobile game companies.
LEAF Mobile revenue year to date as of Sept 30, 2021’s as reported was CAD$64.6 million, a 32.1% rise compared to the same period last year.
Tennyson Securities is acting as Bookrunner and Corporate Broker for the Company. www.leafmobile.io