Sumo Group valued at £145m in IPO

Sumo Group has today announced the successful pricing of an initial public offering of over 38 million shares at 100p each.

Operating businesses included in the company's group are Sumo Digital, the Sheffield-based game studio which is currently working on Crackdown 3, and the multi-award winning visual design company Atomhawk Design.

In total, the group has been valued at £145 million. This falls just short of early estimates from The Times which valued the group at £150 million. It is expected that dealings in shares will commence on the London Stock Exchange, Alternative Investment Market (AIM) on December 21.

"We are delighted to announce our intention to float on AIM," said Carl Cavers, founder and CEO Sumo Digital.

"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."