Sheffield-based games developer Sumo Digital has been valued at £145 million following its initial public offering (IPO), with its shares priced at £1 each.
The British gaming developer, which is best-known for titles such as Forza Motorsport 7, Hitman Episode 5 and Sonic & All Stars Racing Transformed, floated on London's Alternative Investment Market (AIM) today.
Founded in 2003, Sumo Digital has become one of the biggest games developers in the UK. It has worked with tech giants, such as Sony and Microsoft, as well as developing popular titles for games publisher Sega.
According to Reuters, the company has raised £38.5 million through the placing of ordinary shares and a further £39.7 million through vendor placing.
The company's management team and private equity firm Perwyn LLP have held on to a 43 per cent stake.
The company said the money raised through today's offering will help it cut debts and develop new products. It'll work as "additional working capital", too. Zeus Capital managed the deal.
Carl Cavers, founder and CEO of Sumo, said today's announcement will help the company become a "global" games development firm.
"We are delighted to announce our intention to float on AIM. 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," he said.
"We have had an overwhelmingly positive response to the IPO, which has been very well supported by blue chip institutional investors.
He added that the company's talent sets it apart from its competitors. "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," said Cavers.
"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."
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