High Roller plots NYSE IPO at $8 per share
VIP-focused operator publishes prospectus with the US SEC as it details key strategies and plans, including moving into North America and launching a new brand
High Roller has submitted an initial public offering (IPO) prospectus to list on the New York Stock Exchange which would value the VIP-focused operator at $8 per share.
The prospectus has been filed with the US Securities and Exchange Commission (SEC) and states High Roller would list under the tick ROLR should the IPO come to fruition.
High Roller is planning to offer 1.25 million shares as part of the public listing, less than three years after HighRoller.com went live in January 2022.
The business said it expects net proceeds from the IPO to be $8.1m, with $3m allocated for marketing and $3.5m to be funnelled into expanding into one or more regulated markets.
A note in the prospectus read: “We intend to use the net proceeds from this offering for marketing, promotion and advertising, to finance expansion into the North American or other locally regulated markets inclusive of recruitment.”
A further $1m will be deployed to launch a new brand or vertical with the remaining balance going towards general working capital.
The operator, which also runs the Fruta brand in Latam, focuses on high value and VIP customers as its core revenue driver.
In H1 2024, High Roller revenue amounted to $12.3m, down from $14.9m in the corresponding period in 2023.
Net loss also widened during the first six months of this year, hitting $3.4m against a loss of $887,982 in H1 2023.
During Q2 2024, High Roller reported 22,505 active quarterly users alongside 21,170 unique depositing customers.
Total stakes in Q2 amounted to $159.8m, down from $187.4m in Q1. In fact, the Q2 stakes total is the lowest the operator has recorded since Q4 2022 when it hit $146.6m.
High Roller claimed that during 2023, average revenue per user was $575, an increase compared to $520 in 2022.
The company, which has been incorporated in Delaware since 2021, noted its partnership with affiliate brand Spike Up Media delivered 29% of its customer leads in 2023.
Spike Up Media is a subsidiary of Ellmount Interactive, which is owned by Cascadia and OEH.
Cascadia is owned by High Roller chair and co-founder Michael Cribari and board member Brandon Eachus, who also co-founded High Roller.
In turn, Ellmount Interactive was acquired by High Roller in Q1 2022 to snap up the CasinoRoom brand, with customers then encouraged to switch over to the High Roller brand.
High Roller had acquired the HighRoller.com domain from a British Virgin Islands-based company, HR Entertainment, during the same quarter.
High Roller sits in the portfolio of industry incubator HappyHour, with the brand led by CEO Ben Clemes who is also a portfolio partner at the VC.
Clemes was named High Roller CEO in January 2024 and is supported by CFO Matthew Teinert, and ex-kwiff head Reuben Borg Caruana as CEO.
Former LeoVegas Group exec Sven Kaltenegger serves as chief commercial officer.
Cribari and Eachus are joined on the board by HappyHour co-founder Daniel Bradtke, Aristocrat’s Kristen Bell, XLMedia’s Jonas Martensson and David Weild IV.
High Roller holds licences in both Malta and Curaçao, although its IPO prospectus states it is in the process of disposing of its Malta licence.
The business, which is igaming-focused, offers more than 4,400 casino games across its sites from more than 70 suppliers, including Pragmatic Play and Evolution.
The IPO prospectus read: “Our vision is to be the premium online destination for high rollers around the world. We believe the highroller.com domain provides us with a strategic asset to build a brand appealing to high-value customers.
“Our platform allows us to scale highroller.com and other brands attracting additional demographics. Our founders, board of directors and management collectively have over 100 years of igaming experience, having founded, listed and successfully exited a range of companies working in some of the most competitive global igaming and e-commerce markets.
“Our branding and operational focus is to establish and continue to grow significant market share in the international online casino markets.”
High Roller has selected ThinkEquity LLC as the underwriter for the IPO.
High Roller is the second gambling business to make plans to IPO this year, with Games Global previously announcing its intention to go public.
However, the supplier reneged on its plans as it cited macroeconomic conditions as a core reason for postponing the listing.