World Chess has landed on the London Stock Exchange in a move that has priced the gaming and promotion company at £41.7m.
The freshly-listed firm, which organises chess championships in both the US and UK, reaffirmed its strong cash position as it made its debut in the market revealing that half year revenue in 2022 grew 120 per cent to €1.98m (£1.73m).
World Chess, which has been plotting an IPO float since last October, said that the funds raised will be used to support the company’s growth strategy, including the further development of its online playing platform and marketing initiatives.
Ilya Merenzon, chief executive officer of World Chess, said that the completion of its IPO comes at an “exciting time for chess”.
She added: “The number of players and spectators of the sport is growing and with this new commercial opportunities are opening up. Using our public profile and position as a public company, we are well-placed to capitalise on these opportunities and grow World Chess.”
The mental sport has grown in popularity over the past years, with consumers’ interest in the game picking up following the launch of hit Netflix shows such as the Queen’s Gambit.
“Whether people play the game online or at our club, watch the tournaments or enjoy following their favourite chess player, our unique ecosystem of products and services is making chess more accessible and widely available at a global level,” Merenzon continued.