Nottingham games developer to float with £217m valuation
Nottingham games developer Team17 will have a market capitalisation of around £217m when it floats on the London Stock Exchange later this month.
The Wakefield-headquartered company, which has a portfolio comprising more than 90 games including the Worms franchise, Overcooked and The Escapists, said it has raised gross proceeds of around £107.5m with institutional investors through its share placing.
Team17 announced its has conditionally raised net proceeds of £42.8m, which will primarily be used to repay existing shareholder loans, while £59.4m (net of expenses) has been raised for the selling shareholders.
Debbie Bestwick, the company’s chief executive, will retain a 22.2% stake in the company, while private equity firm LDC will retain a shareholding of 16.6% of the shares in issue following admission.
On admission, management and employees will hold approximately 31.2% of the issued share capital of the company.
Team17 said: “The directors believe that the IPO will enable the company to invest in its future expansion, enhance its profile and provide the ability to incentivise key employees.”
Shares in Team17 are expected to start trading on May 23.
Team17’s revenues for the year to the end of December increased to £29.6m (2016: £13.5m) and adjusted EBITDA rose to £12.9m (2016: £6.1m).
