Tuesday 6 September 2016 4:57 pm

Canadian group Jackpotjoy goes for bingo with IPO on London Stock Exchange in October

Canadian online bingo firm Intertain Group rebranded today and has set early to mid-October as its deadline to float on the main market of the London Stock Exchange.

Intertain has taken the name of its largest business unit, Jackpotjoy, under which it will trade in the UK. 

The group’s market capitalisation on the Toronto Stock Exchange is CA$744m (£430m), though City A.M. understands the company will seek a higher valuation for its initial public offering (IPO).

The amount of shares the company will list, as well as the IPO’s exact value, are yet to be determined.

Read more: Don't bet on online gambling taking over anytime soon

Jackpotjoy shareholders will vote on the London IPO on 23 September, although the company will remain listed in Toronto and give Canadian investors access to exchangable shares.

The company has been eyeing a London listing since January this year.

It believes the city is a “natural home” for Jackpotjoy that will provide it with access to a liquid, international market and greater exposure to an “investor and analyst community with significant gaming experience”.

In June the company appointed a new British chief executive, Andrew McIver, whose experience includes more than a decade at SportingBet, and the British former chairman of Gala Coral Group, Neil Goulden, to help prepare for the UK move.

Read more: Bingo: Stride Gaming has full house after £70m takeover of two gaming firms

Jackpotjoy has a 27 per cent share of the UK online bingo market and delivered revenue growth of 23 per cent in the first half of 2016.

Goulden said:

I am delighted to be chairing the Jackpotjoy board at this exciting point in the company's history. Under Andrew McIver's leadership, supported by Keith Laslop, and with a high-calibre management team and a well-balanced board, Jackpotjoy is now seeking to comply with the highest standards of UK corporate governance. 

Accordingly we will also voluntarily comply with certain investor protection mechanisms as if a UK premium-listed company, ensuring that we now have the right corporate governance structure in place to take the company into its next phase of growth.