Hiro Metaverse Acquisitions, a special purpose acquisition company (SPAC) that focuses on video games and metaverse technologies, has expressed its intent to make a debut on the London Stock Exchange (LSE) soon.
How Hiro Metaverse is planning to capitalise the space with an IPO
Hiro Metaverse Acquisitions, while making its IPO announcement on 31 January 2022 said that it would raise funds worth around £115 million ($154.38 million) through the London listing. At a price of £10.00 per unit, 11.5 million units would be placed in the market, which would include one public share with the right to get half of one public warrant. Citigroup Global Markets Ltd is the exclusive book runner for the IPO of the blank-check company.
The SPAC, which has business operations in the UK, Europe, and Israel, mainly focuses on metaverse technology innovators, video games, interactive streaming, e-sports, and gamified fitness. Hiro Metaverse Acquisitions is sponsored by Hiro Sponsor I LLP, which is basically an affiliate of the venture capital fund Hiro Capital, led by Ian Livingstone, Luke Alvarez, and Cherry Freeman. The three of them are senior leaders and entrepreneurs with a strong investment track record in sectors like technology, video gaming, and digital sports.
According to the chairman of Hiro Metaverse Acquisitions, Ian Livingstone, around a third of the video games content played across the globe is produced by the wonderful entrepreneurs and talented creators in the UK and Europe. However, only about 3% of the public market capitalisation of the global industry is accounted for by the region (the UK and Europe), which is quite less despite many gaming IPOs being successfully launched there. The region has a huge video games industry with tremendous growth opportunities, and thus the London debut of the SPAC may prove to be quite beneficial for it.
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Metaverse is the future
The gaming industry is quite dynamic and is advancing quickly, and with its deep expertise and huge capital, Hiro Metaverse Acquisitions can easily recognise and support the target businesses that have a high potential for value creation.
With almost 3 billion gamers worldwide, the Metaverse is the future of computing platforms as games have become the leading media segment across the globe. As per tech giants like Microsoft and Facebook, the Metaverse would potentially become the mobile internet’s successor, and thus it has become the most popular buzzword in the technology sector lately. Due to this reason, the listing news of Hiro Metaverse Acquisitions has grabbed the attention of investors as the investment company mainly concentrates on games in the metaverse. According to Hiro, video games and the metaverse is the future of the new economy in 2030s.
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Bottomline
With the emergence of Metaverse and games becoming the largest media sector globally, Hiro Metaverse Acquisitions has bright future prospects. The SPAC hasn’t made any announcements regarding the listing date and price band yet. More details are awaited, and the updates will be available on the company’s website for further reference.
(Note: IPO information provided here are as of 1 February 2022)
