SafeCharge raises $125m on IPO

SafeCharge raises $125m on IPO

Wednesday, April 2, 2014

SafeCharge, the payment service provider, has raised $125m from its initial public offering according to the Financial times newspaper. The figure is 25 percent more than it initially expected from the offering,

Shares in the company will begin trading today with a market capitalisation of $400m

Teddy Sagi, founder of online gaming software supplier Playtech and 90 percent shareholder in SafeCharge, will see his stake diluted to 66 percent, while David Avgi, founder and chief executive of SafeCharge, will retain his 2.9 percent stake.

“The proceeds of the placing will be deployed to accelerate the company’s growth strategy both through acquisition and organic means,” Avgi said.

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