China lottery distributor DJI Holding seeks U.K. listing

    DJI Holdings, a licensed distributor and promoter of lottery products to China, said it plans to raise 30 million pounds ($51.1 million) through a listing on the London Stock Exchange.
    The proceeds will be used to fund working capital as it plans for further growth, fund remaining payments on recently acquired businesses as well as seek further acquisition opportunities.
    “We have established a reputation in the Chinese lottery sector, a market which is set to benefit from China’s fast-growing online and mobile segment,” said CEO Darren Mercer in a statement. “The combination of our long-standing relationships with the Chinese regulators, our portfolio of lottery contracts and our reliable technology platform, leave us well-positioned to capture this market opportunity.”
    The company said that it expects the £30bn China lottery market to grow 20 percent a year, with online sales to balloon from 4 billion pounds to 20 billion pounds between 2013 and 2017.
    DJI said since the launch of its digital platform in Q4 of last year it has seen significant growth. Sales in Q1 were nearly equivalent to full-year 2013 sales and in May alone the company achieved more than 80 percent of its Q1 sales.