Wakefield’s Team17 valued at £217m in IPO

Wakefield-based video game developer Team17 announced on Wednesday the admission of its ordinary shares to trading on the AIM market of the London Stock Exchange.

“The fundraising, which was multiple times oversubscribed, raised approximately £107.5 million, before expenses, through the issue of 27,325,482 new ordinary shares and the sale of 37,849,200 existing ordinary shares by existing shareholders at 165 pence per share (the ‘issuepPrice’),” said Team17.

Berenberg is acting as sole global coordinator and broker and GCA Altium as nominated adviser to the company.”

Team17’s market capitalisation on admission is £217 million.

On admission, Team17 will have 131,288,276 ordinary shares in issue.

Team17 CEO Debbie Bestwick said: “We are delighted to have received such strong support from investors. 

“Our listing on AIM represents a major endorsement of both our business and our people and we believe that our quoted status provides an ideal platform from which to accelerate our growth ambitions.

“We have established a truly exceptional team and our vast expertise within the gaming sector has enabled us to create a market-leading offering. 

“We are excited by the benefits of being a quoted company and we look forward to further developing our business over the coming years.”