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Devolver Digital valued at $950m as it floats on London Stock Exchange
Devolver Digital has begun trading on AIM, a sub-market London Stock Exchange, in a floatation that values the indie pu…
www.gamesindustry.biz
Devolver Digital has begun trading on AIM, a sub-market London Stock Exchange, in a floatation that values the indie publisher at close to $1 billion.
The company's stock went live at 8am this morning. Devolver's raised $261 million (£190 million) around its admission to AIM, valuing the company at $950 million (£694.6 million) -- in line with initial reports of the publisher's IPO plans earlier this year.
This makes it the largest ever US-based company by market capitalisation to be admitted to the London Stock Exchange, and the second largest company ever to trade on AIM.
According to Fieldfisher, the European law firm that advised Devolver, the publisher has received a "significant strategy investment from a key industry player," plus support from US institutional investors.
GamesIndustry.biz has also learned that Sony Interactive Entertainment will be making a 5% investment in the company.
The floatation provides Devolver Digital with $50 million in gross proceeds that will be put towards the company's expansion plans. It also included a secondary cash placing of $211 million for management and existing investors, including NetEase, which retains an investment in the company.
"An IPO is the right choice for us to ensure our continued growth and support even more wonderful games," siad CEO Douglas Morin. "Most importantly, it will allow us to retain our culture.
"Being a public company gives liquidity to our amazing team, all of whom are shareholders. It also gives us access to capital markets to continue investing in our growth strategy and talent."
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