Video games developer Devolver Digital Inc (AIM:DEVO) rose to a premium stock market debut in London.
Devolver shares traded above 180p in its first session on the London Stock Exchange’s AIM market, after placing shares at 157p for the float.
Some GBP190.9mln was raised in an oversubscribed placing of new and existing Devolver shares (existing holders sold around 98.3mln of shares) and the IPO set a valuation of GBP694.3mln.
“An IPO is the right choice for us to ensure our continued growth and support even more wonderful games. Most importantly it will allow us to retain our culture,” said chief executive Douglas Morin.
“Being a public company gives liquidity to our amazing team, all of whom are shareholders. It also gives us access to capital markets to continue investing in organic growth and talent.”
Shoutout to our friends @DevolverDigital on their public offering today! We’re honored to be an investor. Keep shining a light on those great indie games ???? pic.twitter.com/6Fnn7iTT9b
— PlayStation (@PlayStation) November 4, 2021
The injection of funds is expected to support the company as it seeks to publish 12 to 15 game titles per year.
Devolver is best known as the publisher of Fall Guys and it develops a catalogue of its own indie game titles such as My Friend Pedro, Pikuniku and the Serious Sam series. The firm is based out of Austin, Texas.
Sony (NYSE:SNE) was among the investors in the share sale.
