Short news

Play Magnus about to go public

24 Sep 2020

The Play Magnus Group has applied to the Merkur Market of the Oslo stock exchange and is expected to be listed within two weeks. The company that merged with chess24 and acquired Chessable in 2019 is reporting organic growth of 120% within the first half of 2020 alone and more than € 6 million revenues over the last 12 months. It estimates its value at € 72 million before the public offering. Six months ago Play Magnus raised € 12 million from Norwegian and Swiss investors and intends to raise a further € 36 million now from Luxor Capital, DNB Capital Management, TIN Fond, TD Veen and other investors. Shareholder Magnus Carlsen is quoted: “The company has a unique vision and strategy for bringing chess to a wider audience. Our model will help many more chess players and coaches to be able to make a living from chess.“