Libera Gaming Operations, which operates pachinko gaming halls in Japan, lowered the proposed deal size for its upcoming IPO on Monday.
The Tokyo, Japan-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. The company had previously filed to offer 1 million shares at a range of $5 to $7. At the midpoint of the revised range, Libera Gaming Operations will raise 4% less in proceeds than previously anticipated and would command a fully diluted market cap of $64 million.
Libera operates pachinko halls in Japan, with a portfolio of 11 halls as of 3/15/24. The halls are venues for recreational arcade games "pachinko" and "pachislot," played with balls and tokens, respectively. The goal of the games is to obtain more balls and tokens and exchange them for prizes, some of which can be converted into cash. The pachinko and pachislot industry is highly regulated and not considered gambling since customers do not directly win cash.
Libera Gaming Operations was founded in 1965 and booked $47 million in sales for the 12 months ended April 30, 2024. It plans to list under the symbol LBRJ. Craft Capital Management and Boustead Securities are the joint bookrunners on the deal.
