Light & Wonder ASX Secondary Listing
Jarden acted as Joint Advisor on the ASX listing and Sole ASX Corporate Broker for Light & Wonder’s secondary listing on the ASX.
Expertise
Executing secondary listings, managing investor relations, enhancing market visibility, while facilitating strong post-listing performance and liquidity support.
Strategic Context
Light & Wonder (L&W), a leading global gaming and entertainment company, sought a secondary listing on the ASX to expand its investor base and enhance liquidity. Unlike a traditional IPO, the listing did not involve a capital raise, focusing instead on facilitating the transmutation of NASDAQ shares into ASX CDIs (Chess Depositary Interests). Key milestones of the listing included:
- 22 May 2024: Completion of L&W’s ASX secondary listing.
- 18 October 2024: L&W’s inclusion in the S&P/ASX 200, which boosted institutional interest.
- NASDAQ-to-ASX share conversions grew from 1.0 million CDIs at listing to 15.5 million CDIs by year-end.
This secondary listing strategically broadened L&W's investor base and increased liquidity within the Australian market.
Execution
Jarden acted as Joint Advisor on the ASX listing and Sole ASX Corporate Broker, ensuring the successful execution of the transaction and strong post-listing market performance. Key initiatives included:
- Institutional investor engagement to transition the register to high-quality long-only investors.
- IR, communications, and PR strategies to enhance L&W’s profile on the ASX.
- Trading facilitation strategies, leveraging Jarden’s balance sheet to boost liquidity and support price stability.
Since the listing, Jarden has played a pivotal role in institutional coverage, strengthening L&W’s visibility and investor confidence in the Australian market.
Outcome
The ASX secondary listing significantly enhanced L&W’s market positioning:
- Inclusion in the S&P/ASX 200, which drove demand from index-based investors.
- Strong trading momentum, with Jarden handling approximately 50% of on-market volumes and 40% of trades over A$1 million.
- Over A$1 billion in traded volume, highlighting sustained investor interest and liquidity.
By successfully executing the listing without a capital raise, L&W broadened its investor reach, enhanced liquidity, and solidified its presence in the Australian market.
