Light & Wonder, a global gaming company, is evaluating the possibility of a secondary listing on the Australian Securities Exchange (ASX). The company currently has a primary listing on Nasdaq and believes that a secondary listing on the ASX could provide several significant benefits. These include enhancing its profile in Australia, a key market for its gaming business, and gaining access to new long-term institutional investors that would complement its existing shareholder base in the US and Australia. While no decision has been made yet, Light & Wonder intends to engage with its shareholders during the evaluation process.
Benefits of a Secondary Listing:
Light & Wonder’s board has identified various substantial potential benefits that a secondary listing on the ASX could offer. Strengthening the company’s profile in Australia, where its gaming business operates, is a primary advantage. The ASX is a well-established and reputable market known for hosting global gaming companies. By listing on the ASX, Light & Wonder aims to gain recognition and appreciation for its international business and strategic vision among sophisticated investors and market participants who possess a strong understanding of the gaming industry. Furthermore, the secondary listing would facilitate access to new long-term institutional investors in Australia, complementing the company’s existing shareholder base in both the US and Australia.
Consultation with Shareholders:
As part of the evaluation process, Light & Wonder will consult with its shareholders. This demonstrates the company’s commitment to transparency and ensuring that its stakeholders have a say in the potential secondary listing. While there is no guarantee that Light & Wonder will proceed with the ASX listing, the company recognizes the value of engaging with the market and its current shareholders to evaluate the feasibility and benefits of such a move.
Light & Wonder’s Executive Chair, Jamie Odell, emphasized the ASX’s status as a premium market with a strong track record for global gaming companies. The ASX provides a deep and liquid pool of sophisticated investors who possess a deep understanding of the gaming business. Light & Wonder believes that these market participants will recognize the long-term potential and value of its broad international business and strategy.
Light & Wonder is actively considering a secondary listing on the ASX, in addition to its primary listing on Nasdaq. The potential listing aims to strengthen the company’s presence in Australia, a crucial market for its gaming business, and open doors to new long-term institutional investors. By engaging with shareholders and leveraging the ASX’s reputation as a premium market, Light & Wonder seeks to enhance its profile and gain recognition for its global gaming operations. The decision to pursue a secondary listing on the ASX will be made after careful evaluation and consultation with stakeholders.