London Stock Exchange welcomes Team17 to AIM
London Stock Exchange today welcomes Team17 Group plc (“Team17”), a global games label, creative partner and developer of independent, premium video games to AIM.
Team17 is a leading video games label and creative partner for independent (“indie”) developers. The Group supports both owned first party IP and third party IP – through partnering indie developers globally – in the development and publishing of games across multiple platforms typically for a fixed revenue share.
The fundraising, which was significantly oversubscribed, raised approximately £107.5 million, before expenses, through the issue of 27,325,482 new Ordinary Shares and the sale of 37,849,200 existing Ordinary Shares by existing shareholders at 165 pence per share (the “Issue Price”). On Admission, the Company will have 131,288,276 Ordinary Shares in issue, giving the company a market capitalisation of approximately £217 million based on the Issue Price.
The Directors believe that the IPO will enable the Company to execute its growth strategy, raise its profile and provide the ability to incentivise current and future employees.
Berenberg is acting as Sole Global Coordinator and Broker and GCA Altium as Nominated Adviser to the Company.
Debbie Bestwick MBE, Chief Executive Officer of Team17, commented:
“We are delighted to have received such strong support from investors. Our listing on AIM represents a major endorsement of both our business and our people and we believe that our quoted status provides an ideal platform from which to accelerate our growth ambitions.
“We have established a truly exceptional team and our vast expertise within the gaming sector has enabled us to create a market-leading offering. We are excited by the benefits of being a quoted company and we look forward to further developing our business over the coming years.”