Games developer makes £145m stock market debut
A Sheffield-based games developer has made its debut on the stock exchange this morning in a listing which values the business at £145m.
Dealings in the shares of Sumo Group, one of the UK’s largest providers of creative and development services to the video games and entertainment industries, got under way under the ticker “SUMO”.
On admission to London’s junior market, the company has a market capitalisation of £145m following a £78.15m fundraise.
The placing of ordinary shares at 100 pence per share raised around £38.5m, while a vendor placing has raised about £39.7m for selling shareholders.
Carl Cavers, founder of Sumo Digital and CEO of the company, said: “Admission to AIM this morning marks a major milestone in our journey. We have always strived for excellence within the business and our aim is to deliver the same level of excellence to the company’s investors, creating value in this exciting, fast growing industry. As we enter this new stage in our growth and development, I would like to thank everyone who helped Sumo Group achieve a successful flotation today, especially our talented people, who are the backbone and ingenuity behind this business.”
The company’s owner, Perwyn, will retain a substantial shareholding of the company on admission. The private equity house has been the majority shareholder at the firm since September 2016, following a secondary buyout from NorthEdgeCapital.
Founded in 2003, the business employs more than 450 across its headquarters in Sheffield, Nottingham and Pune, India.
Sumo Digital is known for titles such as Snake Pass and the Sonic & Sega All-Stars Racing franchise.
Earlier this year the company acquired art and design studio Atomhawk, which was founded in 2009 and works on blockbuster movies and games across PC, console and virtual reality platforms: including Marvel Studios’ ‘Guardians of the Galaxy’ and games ‘Injustice 2’ and ‘Eve: Valkyrie’.
Zeus Capital acted as nominated adviser and sole broker on the listing.
