Interfax-Kazakhstan: World Chess plans to raise 8 million euros
World Chess Plc, a commercial partner of the International Chess Federation (FIDE), plans to conduct an initial public offering on the London Stock Exchange and thus raise up to 8 million euros.
Its shares will start trading in November under the ticker CHSS. The number of shares to be placed and their price are not specified. Financial company Novum Securities Limited acts as a consultant during the placement.
The funds raised will be used to develop the business, including investments in the online platform and marketing strategies. World Chess estimates that around 600 million people around the world actively play chess, and the company has significant growth potential.
Head of World Chess Ilya Merenzon:
We are still seeing a surge of interest in chess that has intensified in recent years and especially during the pandemic. We are expanding our operations and services around the world to keep pace with this growth.