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Green Man Gaming has delayed plans to float on the UK stock exchange following "horrendous" equity markets.
The digital games retailer and up-and-coming publisher shared plans to float on the London Stock Exchange back in September, with the company valued at around £100 million.
Green Man Gaming then delayed its plans until October after reports suggested the valuation had fallen by £30 million to £70 million.
Although the firm insists it will go ahead with the flotation, it has now further pushed back its plans, telling Gamesindustry.biz "the equity markets have been horrendous in the past few weeks – with small-cap growth stocks being hit particularly hard."
As yet the company has not provided a revised date, but it has stated that it will reschedule the float when market conditions improve.
Green Man Gaming has expanded by 25 to 30 per cent each year since it was established in 2009. GMG CEO Paul Sulyok’s hope is that by going public, funds can be reinvested into the company to boost its international reputation and further develop its publishing portfolio.
"Right now, the publishing division is the smallest part of our business," Sulyok said at the time of the original flotation announcement. "But it is also part of the business that I feel very passionately about, and I know a number of the team does, too.
"Come the IPO, there will be an allocation of primary proceeds that is going to go towards growing the publishing business. Ultimately the games industry, in my view, is in two parts: it is about customers and content. If you can fulfil both, then that’s a huge opportunity."
"We have an amazing customer base, brilliant business partners and a great team driving things forward."
