In a surprising turn of events, Games Global Ltd, a UK-based company known for its online casino games, has decided to pull its initial public offering (IPO) from the U.S.

What Happened: As reported by Reuters, the company announced this decision on Monday, without providing any specific reasons for the withdrawal.

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The company, which was founded in 2021, had planned to raise $254 million through its IPO. The proposed price range was $16 to $19 per share, which would have valued the company at around $2.0 billion. The IPO was expected to be listed on the NYSE under the symbol GGL.

Why It Matters: Games Global’s decision to withdraw its IPO comes as a surprise, especially after the company had set the terms for its IPO just a week ago. The company announced plans to offer 14.5 million shares, with 59% of the shares being secondary.

Games Global’s decision to withdraw its IPO also comes after the company had secured an exclusive deal with the UFC for branded slot games, as reported by World Casino Directory. This partnership is expected to further boost the company’s standing in the online gaming industry.

Before that, Games Global and AreaVegas Games launched a new game, Area Link™ Dragon, adding to its extensive portfolio of more than 1,300 games.

The reasons behind the IPO withdrawal remain unclear.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.