Leaf Mobile prepping for London IPO

Will assume a dual listed structure between TSX and LSE

Leaf Mobile prepping for London IPO

Leaf Mobile has revealed its intention to float via the London Stock Exchange (LSE).

The Canadian free-to-play mobile games firm is expected to be valued at $174 million (£130 million).

Leaf Mobile intends to raise gross proceeds of approximately $8 million ahead of the floatation.

The firm began to trade common stock shares on the Toronto Stock Exchange (TSX) earlier this year and will assume a dual-listed structure.

The secondary listing is part of Leaf’s growth strategy and the net proceeds of capital raised will be used in scaling the business.

Ambitious objectives

Following a successful float, Leaf plans to establish a base of European operations in London to support its expansion.

"The mobile games market will gain increasing popularity in the next ten years, with free-to-play games acting as the industry’s foremost segment," said Leaf mobile CEO Darcy Taylor.

"London is a global hub for video gaming, creative industries and technological innovation and a London Stock Exchange listing will help Leaf Mobile to position itself at the forefront of the sector’s growth.

"Moreover, the dual listing will provide us with a springboard to achieve our ambitious growth objectives in Europe and enhance our access to London’s deep and advanced capital markets."

Recently, Leaf Mobile reported its Q3 2021 financials indicating growth of 4 per cent to $15 million, during its "historically slow" quarter.

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