Wakefield video game developer Team17 to raise £217m on admission to AIM market

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.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.