Video game developer Team17 announces admission on AIM market

Team17, the video game developer, has announced the Admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange.

Dealings will commence at 8.00am on Wednesday (23rd May 2018), under the ticker TM17.

Headquartered in Wakefield, Team17 is a video games label and creative partner for indie developers.

The business supports both owned first party IP and third party IP – through partnering with indie developers globally – in the development and publishing of games across multiple platforms typically for a fixed revenue share.

Team17 focuses on premium, rather than free to play games, and its portfolio comprises over 90 games, including the Worms franchise, as well as Overcooked and The Escapists.

The fundraising, which was multiple times oversubscribed, raised approximately £107.5m, 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.

Berenberg is acting as Sole Global Coordinator and Broker and GCA Altium as Nominated Adviser to the Company.

The Company’s market capitalisation on Admission, based on the Issue Price, is approximately £217m. On Admission, Team17 will have 131,288,276 Ordinary Shares in issue.

Debbie Bestwick MBE, CEO 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.”