Luckbox Looks To List on TSX

By Ben Hamill - May 25 2020

Luckbox Looks To List on TSX

Accelerated IPO is the name of the game right now for eSports bookmaker Luckbox. The Isle of Man-headquartered information technology giant is looking to list its business on Toronto’s TSX Venture Exchange as soon as practically possible and has to this end appointed TSX fund and expert capital pool advisor Elephant Hill Capital for the purpose of leading all planning processes related to its IPO endeavours. Recruited by Luckbox earlier this month, Elephant Hill will act in the capacity of “lead IPO agent”.

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What Luckbox basically hopes to do; this according to a prospectus on Luckbox published by Elephant Hill Capital; is to fully capitalise on the success brought about by what the company describes as a massive 500% comparable increase in wagers during a time when folks are advised to stay at home. Luckbox can only truly take full advantage of the “uplift” by successfully listing on the Toronto marketplace.

Raising IPO Funds

Luckbox was founded by a team of former PokerStars executives back in 2017 and has since launched a full-suite eSports betting platform (this was as recently as 2019). The company hopes to raise the funds required in order to enable its listing on the TSX Venture Exchange with the help of what it has described as a short funding round. The brand has already enlisted the services and expertise of Beacon Securities and Gravitas for the purpose of raising enough funds for a successful go-ahead.

Luckbox will rely on a private subscription “placement process” as it aims to raise the necessary IPO proceeds, known to amount to anything up to between CA$2 million and CA$3 million. TSX listing, not unlike most other major global listing processes, is renowned to come at a sturdy price.

New Opportunities From Ashes

Even so, the effort will likely have proved worth every dime and penny and sleepless hour in the end. Company CEO Quentin Martin is excited about the potential that eSports holds. And since key performance indicators have been hitting the roof in a matter of the past three months, Martin says he is convinced that the upswing in KPIs witnessed across the board is a clear indication that eSports numbers are bound to experience an even vaster and more rapid uptick than before.

It certainly hasn’t hurt that hundreds of thousands of fans of traditional sports recently discovered eSports for the very first time, and as a result of the cancellation of most major sports events on a global scale, said Martin. The hope, concluded the Luckbox CEO, is that those “traditional sports fans” liked what they saw and plan on sticking around.  

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