Animoca Brands Aims for IPO Amid Market Challenges

Animoca Brands, a major player in the Web3 and blockchain gaming space, is gearing up to go public soon. However, the final decision on the timeline depends on key factors like the “market’s status, amongst other” aspects, according to chairman Yat Siu. Speaking with CoinDesk in Singapore on Monday, Siu shared insights into the company’s IPO plans.

Awaiting the Right Moment

“We’ve always wanted to go public,” Siu stated. But he emphasized that “it takes time” due to numerous factors involved. One critical piece is completing the audit process. “We are midway through the audit, which is a critical piece of the IPO puzzle,” he revealed. Australia’s DFK Collins serves as Animoca’s auditor. The audit is essential for building confidence among investors and institutions as the company prepares for its public offering.

Choosing the Ideal Location

Reports from June suggested that Animoca might list either in Hong Kong or the Middle East. Siu appeared to lean towards Hong Kong as a “strong contender” because the company is headquartered there. “Settling on a specific timeline is difficult,” he noted, highlighting the complexities in selecting the right market for the Animoca Brands IPO.

Overcoming Past Challenges

Animoca was previously a public company in Australia but de-listed in 2020 due to regulatory concerns around crypto. Reflecting on that period, Siu told the Australian Financial Review in 2022, “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 because there were things at the time that the ASX was not comfortable with and didn’t understand.”

Animoca Brands is carefully navigating the path to a public listing. With the audit underway and considerations about the ideal market, the company is taking measured steps towards its IPO. As a significant investor in the Web3 space, Animoca’s move to go public is highly anticipated. The final decision will depend on market conditions and ensuring all pieces of the puzzle fit perfectly.