Developer and indie publisher Team17 is going public, it confirmed today, seeking admission of its shares onto the AIM market of the London Stock Exchange. The process should be completed this month.
Representatives for Team17 have provided guidance on likely valuation, saying it will be “between £200m and £230m.” They added that the operation has four aims: “Supporting the growth of the business, enable Team17 to retain and attract key staff, provide the ‘currency’ to support potential M&A opportunities and help raise [its] profile both in the UK and globally.”
Recent successes for the Worms company include Overcooked, The Escapists and Yooka-Laylee, in a portfolio that comprises more than 90 games. Its line-up for 2018 include Yoku’s Island Express, Genesis Alpha One, Raging Justice, My Time at Portia, Planet Alpha, Forged Battalion and Mugsters.
Team17’s CEO Debbie Bestwick MBE commented: “We have created an immensely powerful base from which to continue to grow our business, supported by a hugely talented team and an ever expanding stable of world class content and partners.
“We firmly believe that an IPO will not only broaden the profile of the business globally but will enable Team17 to continue to capitalise on our position as a leading independent video games label for indie developers, as well as continuing to successfully develop our own IP in house.”
GCA Altium is acting as nominated adviser.
Rumours of this IPO have been around for a couple of months, with The Times reporting at the end of March that the announcement was imminent.