Slot machine company Quixant hopes to hit jackpot with IPO

A COMPANY that designs technology for bookies’ slot machines is set to become the latest firm to tap London’s junior market with a stock listing.

Quixant, which develops software and hardware for high-street betting terminals, will today announce its intention to raise $8m (£5.2m) on the Alternative Investment Market, valuing it at around $50m.

The firm is looking to take advantage of the growing popularity of gambling around the world, which is being further boosted by a more lenient regulatory environment in the US. Though it has just a one per cent share of the gambling machine market, Quixant is growing rapidly, having more than doubled revenues last year to $21.6m and making a profit of $4.8m.

An initial public offering (IPO) will boost funds, allowing it to work on contracts with larger customers.

“We believe that given the fundamentals of the business…now is the right time to IPO,” the firm’s co-founder and managing director Nick Jarmany said. “The funds raised and increased profile will assist Quixant in its aim to become the de facto standard in specialised gaming computer systems.”