Animoca Brands Plans IPO in Hong Kong or the Middle East by 2023

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Last Updated on July 5, 2024 by Kamran Ali

According to a report from The Information, Animoca Brands is planning to go public in 2025. The Web3 powerhouse, valued at $5.9 billion during its last funding round in 2022, is considering Hong Kong or the Middle East as potential listing venues. 

Animoca Chooses Hong Kong or the Middle East

Animoca Brands has not finalized the location for its potential initial public offering (IPO). As of January 2022, Animoca was valued at  $6 billion. However, in 2023, the company’s valuation reportedly dropped to below $2 billion due to broader industry challenges, including the collapse of FTX and the bankruptcy of several crypto lenders. This downturn prompted Animoca to reduce its fundraising targets for a metaverse fund from $2 billion to $800 million.

Nonetheless, the company has invested substantially in Web3 enterprises, including Axie Infinity and the TON Network. In an interview with CoinDesk earlier in the year, the firm’s cofounder, Yat Siu, emphasized that NFTs are underutilized and could play a pivotal role in digital capitalism, revolutionizing industries such as rights management and education.

The decision to pursue a public listing is a strategic move aimed at leveraging the growing interest in blockchain technology and digital assets. This marks a significant return to the public markets for Animoca Brands, which was delisted from the Australian Securities Exchange four years ago.

Considering Hong Kong or the Middle East as potential venues for its IPO, Animoca Brands aims to capitalize on regions known for their strong support of blockchain innovation and regulatory frameworks for digital assets. Hong Kong, renowned for its financial infrastructure and global financial hub status, presents an attractive option. A listing there would grant Animoca Brands access to a vast pool of investors and a well-established capital market.

Moreover, the Middle East, particularly the United Arab Emirates (UAE), is a major player in the digital asset sector. An IPO in this region would align with Animoca Brands’ strategy of expanding its global presence and accessing new markets. As Animoca Brands evaluates its options, the prospective IPO in 2025 signifies a significant milestone for the company.

Final Words

Animoca Brands’ plans to choose Hong Kong or the Middle East for its IPO listing holds huge potential for the firm. This positions the firm at an impeccable level.

Frequently Asked Questions 

Who Founded Animoca Brands?

Animoca Brands Corporation Ltd. is a Hong Kong-based game software and venture capital company co-founded by Yat Siu and David Kim.

When was Animoca Brands Founded?

Animoca Brands was founded in 2014.

Who is the Chairman of Animoca Brands?

Yat Siu is the chairman of Animoca Brands.

Who are Animoca Brands’ Competitors?

Some of Animoca Brands’ competitors include Mythical Games, Revolving Games, The9, Mythical Games, etc. 

Do Animoca Brands have a token?

Yes, Animoca Brands has a token. REVV is Animoca Brands’ token

Who is the CTO of Animoca Brands?

Yusuf Goolamabbas is the CTO of Animoca Brands.

What is the ASX code for Animoca brands?

AB1 is the ASX code for Animoca Brands.

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