Jun 27, 2024 12:25
Web 3 firm Animoca Brands is preparing to go public in2025, potentially in key financial hubs in Hong Kong or the Middle East, TheInformation reported. The company, renowned for its investments in NFTs andcrypto gaming, is currently in talks with investment banks but has yet topick an adviser for the IPO, according to Co-founder Yat Siu.
Nearly $6B Valuation
This decision followed a period of significant valuation growth, with the company valued at $5.9 billion duringits last funding round in 2022. Siu has disclosed that the firm has been indiscussions with several investment banks. However, the firm has not yet appointedan official adviser to guide through the IPO process.
Animoca Brands has a robust portfolio, focusingprimarily on non-fungible tokens (NFTs) and crypto gaming companies. This focushas positioned Animoca as an important player in the digital asset space. Thedecision between Hong Kong and the Middle East as potential venues for the IPOwill be crucial.
Currently, Hong Kong offers proximity to Animoca'ssignificant market in Asia and a well-established financial infrastructure. Onthe other hand, the Middle East, particularly hubs like Dubai and Abu Dhabi,presents a rapidly growing market with increasing interest in digital assetsand blockchain technology.
Recently, more companies in the US have announced plans to go public, the latest being Marex Group, a UK-based financial servicesplatform. According to a report by Finance Magnates, the group has filed for anIPO of its ordinary shares with the Securities and Exchange Commission (SEC).
More Firms Eye IPOs
The company reportedly aims to list its shares on theNasdaq stock exchange under the ticker symbol "MRX." Barclays,Goldman Sachs & Co. LLC, Jefferies, Keefe, and Bruyette & Woods havebeen appointed as the joint lead book-running managers for the proposedoffering.
Meanwhile, the SEC has developed comprehensive rulesto bolster investor protection in Special Purpose Acquisition Companies andtheir subsequent business combination transactions, commonly known as de-SPACtransactions.
SPACs have increasingly been adopted as an alternativemethod for private companies to go public. Given the challenges involved insuch transactions, the regulator has highlighted the importance of adoptingrules similar to those of traditional IPOs.
This article was written by Jared Kirui at www.financemagnates.com.