Amaya to Have Innova Sport the Diamond in Initial Public Offering Engagement

The IPO will see Amaya generating shares for the Diamond Game Enterprises which produces, and services games, gaming systems, and tickets for various North American Lotteries and alternative gaming markets.

Amaya Gaming, recently divulged to Canadian gambling news that it has filed and obtained a receipt for a preliminary prospectus concerning Innova‘s proposed initial public offering (IPO) with the regulatory authorities in Canada. The IPO is considering a treasury offering of common shares by Innova as well as a secondary offering of common share by Amaya, which will obtain the net returns for the common shares sold under the IPO.

Amaya stated that “The decision to spin off its subsidiary Diamond Game is consistent with Amaya’s previously announced intention to explore various strategic opportunities to divest its B2B assets, to maximize shareholder value by facilitating the repayment of indebtedness and/or the repurchase and cancellation of Amaya’s common shares”.

Securities cannot be offered or sold, directly or indirectly, within the United States

Innova was assembled in association with the IPO and, once this is finished, it will have all the shares of Diamond Game Enterprises. The latter is an online casino games designer and developer that furnishes games, systems and tickets to the North American online gaming market and operates under Canadian gambling laws but the securities offered have not and will not be registered under the United States Securities Act of 1933.

Amaya also announced that the IPO will be done through a syndicate of underwriters that will be led by Canaccord Genuity and include Cantor Fitzgerald Canada Corporation, Cormark Securities, Desjardins Securities, Dundee Securities and Clarus Securities. Culmination of the IPO is up to, and is conditional upon, the reception of all approvals needed, comprising those from regulatory authorities.