Team17 anticipates $144.1m in gross proceeds from IPO

Team17 anticipates $144.1m in gross proceeds from IPO

UK indie games label Team17 has nailed down details of its forthcoming IPO.

The firm expects a market cap of $290m, with gross proceeds coming in at $144.1m. That's based on a $2.21 share price with 27,325,482 new shares on top of the 37,849,200 existing shares. That $290m figure is actually higher than the $284m IPO the firm was originally rumoured to be targeting.

CEO Debbie Bestwick is retaining 22.2. per cent of the company, while 2016 investors Lloyds Banking Group own a 16.6 per cent stake.

The Worms publisher is floating on the AIM market in the London Stock Exchange on Wednesday, May 23rd.

“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,” said Team17 chief executive officer Debbie Bestwick said when announcing the IPO.

“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.”

Team17 isn't the only long-running British game maker headed towards IPO. Sheffield-based work-for-hire firm Sumo is set for floating with a $194m planned valuation, while Codemasters is reportedly charting a course to initial public offering, also.

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.