This week we finally have an interesting IPO (of sorts) with GAN Limited (GAN on the NASDAQ). Since they are listed in London on the AIM market some capital markets services are treating this more like a secondary offering. However there’s a roadshow, underwriters and a book-building process so we’re treating it like an IPO.

It’s a small deal at ~$50M for a market cap of ~$225M at the $7.50 mid-point of the range. Because it’s a smaller company the underwriter group is also . . .

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