Animoca Brands, a leading player in the Web3 space, is making strides towards going public, with the timeline dependent on various market factors, according to chairman Yat Siu. Speaking to CoinDesk in Singapore on Monday, Siu emphasized that while the intention to list has been longstanding, external conditions play a critical role in finalizing the plan.
The company's interest in a public offering was first revealed earlier this year, and discussions about potential locations for the IPO have suggested either Hong Kong or the Middle East. However, Siu has indicated that Hong Kong remains a “strong contender” for the listing, largely due to Animoca's headquarters being located in the city.
“It takes time,” Siu noted, acknowledging the complexity involved in determining a precise timeline for the IPO. He highlighted that the company is currently undergoing an audit, which he described as a vital component of the IPO process. “We are midway through the audit, which is a critical piece of the IPO puzzle,” Siu explained.
Animoca has engaged Australia’s DFK Collins as its auditor. Siu pointed out that an audit is among several confidence-building measures that investors and institutions look for when a company expresses interest in going public. This move aims to bolster trust in the company’s financial health and operational integrity.
Previously, Animoca was a publicly listed company in Australia but was delisted in 2020 due to regulatory challenges surrounding cryptocurrencies. Reflecting on that period, Siu noted that the company experienced rapid growth after its delisting, enabling it to pursue opportunities that were previously restricted. “It’s maybe not a surprise that our growth grew explosively at the time we were delisted because we were able to do many things that, frankly, we couldn’t do,” he stated in an interview with the Australian Financial Review in 2022.
As Animoca Brands continues to navigate the intricacies of the IPO landscape, it remains focused on capitalizing on the expanding Web3 ecosystem while ensuring that it meets the necessary regulatory and market expectations. With its sights set on a public listing, the company’s future developments will be closely watched by industry stakeholders and investors alike.
September 2024, Cryptoniteuae