Chess company World Chess PLC was among the latest entrants to trade on the London Stock Exchange after it was listed last week. The stock was listed at 6.25p per share, with a market capitalization of £41.7 million.
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The shares gained 4% to 6.5p on the day of listing, pushing the market cap to £43.3 million.
World Chess PLC is engaged in various chess-related activities like organizing events and tournaments, designing and selling merchandise, managing sponsorship agencies, etc. The company also operates the online gaming platform of the FIDE (International Chess Federation).
The company announced its intention to list in November 2022 by floating around 8 million shares in the market. Back then, the company targeted to raise €8 million but ended up raising only £3.04 million.
The company plans to use the funds for further growth strategies that are particularly targeted at marketing and its online platform.
Ilya Merenzon, the company’s CEO, commented, “The completion of our IPO comes at an exciting time for chess. The number of players and spectators of the sport is growing and with this new commercial opportunities are opening up.”
