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Game Developer Animoca Reportedly Eyeing Overseas IPO
They could be going public as early as 2025 in Hong Kong or the Middle East.
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Crypto game developer and investment fund Animoca Brands, valued at $5.9B during its last fundraise in 2022, is contemplating an IPO in 2025, according to a report in The Information.
What's the scoop?
- Possible Listing Locations: The company is considering Hong Kong or the Middle East for the potential listing. Animoca was previously listed on the Australian Securities Exchange but delisted in March 2020 for various rule breaches.
- Investment Banks Talks: Animoca has reportedly held discussions with investment banks to help them go public but has not yet selected an advisor.
- Challenging Market: The crypto gaming sector has had a tough year, with few breakout hits. This has been taking a toll on private market valuations. Crypto game developer The Sandbox recently raised at $1B after eyeing a $4B valuation in 2022.
Bankless Take
Animoca joins Circle and Kraken in crypto companies reportedly looking to IPO soon. Going public outside of the U.S. could have a more muted impact on price, but with many regions like the Middle East and Hong Kong competing to become crypto hubs globally, it will be interesting to see where Animoca decides to conduct its IPO and if other companies follow suit. In the past, major TradFi listings like the Coinbase IPO have marked tops for the market and have been forecasted as signaling the same this cycle.