Sheffield games outfit Sumo Digital has revealed Monday that it will float on the stock market.
The firm's initial public offering (IPO) was priced at 100 pence per share for listing on the London's Junior Market, which values the company at £145m, Shares in Sumo Group PLC are planned to start trading at 8am on Thursday 21 December. More details here.
Sumo Digital was founded in 2003 and are well known in the industry for games like LittleBigPlanet 3 and the Forza franchise. Sumo Digital have developed a sterling reputation for delivering decent sequels to established franchises. Their next release is planned to be Crackdown 3.
The company’s management and funds managed by private equity Perwyn LLP will retain a 43 per cent stake in the company. The money raised is planned to be used to cut debt and to be used as additional working capital, according to Sumo themselves.
Carl Cavers, Sumo Digital's founder and CEO, said: “We are delighted to announce our intention to float on AIM. This is a significant step forward in Sumo’s journey to become a global leader in premium development and creative services to the video game and wider entertainment industries. We have had an overwhelmingly positive response to the IPO, which has been very well supported by blue chip institutional investors."
“Our people are our business; we believe our teams are very well positioned to lead the way in one of the world’s most exciting creative industries. Being a quoted company in a fast - growing tech sector will, we believe, allow us to execute our strategy, whilst continuing to put quality and creativity at the forefront of the products and services we deliver.”