A successful IPO caps four years of meteoric growth for AGS
Gaming supplier AGS is in the midst of a renaissance.
Full Speed Ahead It’s not the first time.
Founded in 2005, the company—then called American Gaming Systems—spent its first years as a small Class II supplier with strong markets in Oklahoma and elsewhere.
The company first made a play at Class III markets early this decade,
Aafter former Bally chief Bob Miodunski came out of retirement to guide the company to its first Class III licenses as CEO.
Apollo’s first move was to place gaming supply veteran David Lopez at the helm as CEO,
charged with transforming the company from a Class II supplier into a full-service gaming supplier.
In a whirlwind of acquisitions, key hirings and implementation of a development plan,
Lopez and his newly assembled team grew AGS into a major supplier of Class II and Class III slots,
created a table-game division from scratch that has fast-growing sales in side bets and proprietary games, and most recently,
launched an interactive division that offers a white-label B2B social casino and a B2C social app.
On January 26, the AGS senior team rang the bell of the New York Stock Exchange to commence trading of shares under the ticker AGS.
The price went up quickly, reaching $18 early in trading. Shares were $19.55 at press time.
The company had announced that it hoped to raise $160 million with the IPO.
After the initial success, that prediction was raised to $174 million.
According to Lopez, the proceeds will be used to deleverage the company,
freeing up cash to continue its growth plan as a publicly traded company.
“After executing our initial public offering, we immediately started work on repricing our.
“We’re also sponsored by Apollo, which is a private equity firm.
Full Speed Ahead And right now, it’s a good market.
At some point, they had to pick an entry point for liquidity.
We issued enough stock to cover our PIK notes.
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