Britain's Sumo Digital to float on AIM at 100p a share

British video games developer Sumo Digital priced its proposed initial public offering (IPO) at 100p a share on Monday as it prepared to launch on London's AIM market for junior listings.

The Sheffield-based company, which develops the Forza Motorsport and Hitman series of games, said it had placed a number of ordinary shares for about £38.5m, while a vendor placing raised £39.7m for current selling shareholders.

Management retains stake

While the company's management and private equity backers were to retain a 43% stake in the business, the IPO was expected to value the company at £145m.

The company said the proceeds of the flotation would be used to slash debt and as additional working capital.

Zeus Capital was the lone bookrunner on the IPO.

Rate this article