London Stock Exchange welcomes Sumo Digital to AIM

London Stock Exchange welcomes Sumo Digital to AIM

London Stock Exchange today welcomes Sumo Group plc, one of the UK’s largest providers of creative and development services to the video games and entertainment industries, on to the AIM market.

Upon Admission today, Sumo Group had a market capitalisation of £145 million, following a successful total fundraise of £78.15 million. The Placing raised £38.45 million and a Vendor Placing raised £39.70 million, both at 100p per Ordinary Share. Both received strong support from blue chip institutional investors.

Sumo Group comprises two businesses. Sumo Digital, its primary business, is one of the UK’s largest independent developers of AAA-rated video games, providing both turnkey and co-development solutions to an international blue chip client base. Atomhawk, which was acquired in June 2017, is a multi-award winning visual design company, servicing the games, film and visual effects industries. These businesses have deep relationships with some of the world’s largest video games publishers, developers, platform manufacturers and entertainment brands, including Microsoft, Sony, Sega, Warner Brothers and Marvel. Together they have worked on some of the biggest franchises in the entertainment industry, such as Avengers, Mortal Kombat, Hitman, Sonic All-Stars and Harry Potter.

Carl Cavers, CEO, said: “We are to delighted have joined AIM today. This is a significant step forward in Sumo’s journey to become a global leader in premium development and creative services to the video game and wider entertainment industries. We had an overwhelmingly positive response to the Placing and, on behalf of the Board, I would like to thank all our investors for their support and our advisers for helping us make this happen.

“Our people are our business; we believe our teams are very well positioned to lead the way in one of the world’s most exciting creative industries. Being a quoted company in a fast-growing tech sector will, we believe, allow us to execute our strategy, whilst continuing to put quality and creativity at the forefront of the products and services we deliver.”

Advisers to the IPO include:

Zeus Capital Limited, Nominated Adviser and broker
Addleshaw Goddard, lawyers to the Company
Eversheds Sutherland, lawyers to Zeus Capital
Grant Thornton, reporting accountant and accounting due diligence
PWC, commercial due diligence and tax structuring
Belvedere Communications, financial PR
Yorkshire Bank, banker to the Company
Bennett Brooks, IPO support to the Company