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.