Affiliate group Gambling.com has filed a registration statement with the US Securities and Exchange Commission to list shares on the Nasdaq Stock Exchange.

The number of shares to be offered and the price range for the proposed offering have not yet been determined. The affiliate has applied to list under the ticker symbol “GAMB”.

Gambling.com has said the proceeds from the listing will be used to fuel growth, as well as for general working capital, operating expenses and capital expenditures.

It does not intend to pay dividends to shareholders in the foreseeable future. Instead, earnings will be retained to finance operations and expand the business.

Citing its recent financial results, the group said its revenue for 2020 was $28m, an increase on $19.3m in 2019.

Sales and marketing expenses for 2020 were down to $8.1m, compared to $10.9m in 2019. While general and administrative expenses rose from $4.2m to $6m.

The business reported an operating profit of $11.1m in 2020, while adjusted earnings before interest, tax, depreciation and amortisation were $14.6m in 2020, compared to $3.7m the previous year.

Finance expenses were down from $2.5m to $2.1m, while financial income increased from $140,000 to $303,000. Income before tax was, therefore, $10.8m in 2020, compared to a $1m loss before tax in 2019.

Jefferies LLC is acting as lead book-running manager and representative of the underwriters for the proposed offering. Stifel and Trust Securities will also serve as book-running managers for the proposed offering.