Team17 confirms £230 million flotation plans
Company seeks funds to acquire new businesses and raise its profile worldwide
UK games publisher Team17 will seek to float on the AIM market of the London Stock Exchange this month.
It confirms an initial report from The Times, with the firm's valuation range set between £200 million and £230 million.
Team17 tells GamesIndustry.biz that the transaction will create 'the right foundation for growth'. It hopes the finances will allow it to retain and attract key staff, help raise its profile worldwide, and 'provide the currency to support potential M&A opportunities.'
The intention to float follows almost five years of strong growth for the company. Team17 has been operating for nearly 28 years and is best known for developing the Worms series of video games.
However, the business has since made a name for itself as a publisher of independent video games. It published the hit indie game The Escapists in 2014, and has backed a number of popular and award-winning titles since, including Overcooked and Yooka-Laylee.
Following the launch of its games publishing label in 2014, the firm says it has delivered annual revenue growth of 69%. Revenues have increased from £13.5 million in 2016 to £29.6 million (EBITDA has also increased to £12.9 million from £6.1 million).
"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," stated Team17 CEO Debbie Bestwick.
"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."
Its line-up for 2018 includes Yoku's Island Express, Genesis Alpha One, Raging Justice, My Time at Portia, Planet Alpha, Forged Battalion, and Mugsters.
The latest development follows the £16.5 million investment made in the company by Lloyds Development Capital (part of Lloyds Banking Group) in September 2015, which it used to acquire The Escapists and its developer Mouldy Toof Studios.