Wakefield video game developer Team17 to raise £217m on admission to AIM market
18 May 2018
Team17, the video game developer, has announced it is expected to have a market capitalisation of around £217m when it floats on the AIM market of the London Stock Exchange late this month.
The Wakefield-headquartered company, has now raised gross proceeds of £107.5m through its share placing with institutional investors.
Team17 has said that it has conditionally raised net proceeds of £42.8m, which will primarily be used to repay existing shareholder loans. The additional £59.4m (net of expenses) has been raised for the selling shareholders.
Debbie Bestwick, the Company’s CEO, will retain a 22.2% shareholding in the company and LDC, the private equity arm of Lloyds Banking Group, will retain a shareholding of 16.6% following Admission.
On Admission, management and employees will hold approximately 31.2% of the issued share capital of the Company.
The company’s portfolio comprises over 90 games, including the Worms franchise, as well as Overcooked and The Escapists.
Team17 has reported revenues of £29.6m for the year ending 31st December 2017, and adjusted EBITDA of £12.9m during the same period.
The company’s shares on AIM will commence on 23 May 2018 and trade under the ticker TM17.