Sheffield-based game studio Sumo Group has announced its intention to float on London's Junior Market. The AIM IPO sees the company valued at £145m and price per share has been set at 100p. The company is set to float on 21st December.
The company will trade under the ticker "SUMO" and has issued 38.4 million new shares at 100 pence per share and further 39.7 million existing shares are being sold by current shareholders at the placing price.
Founded in 2003, Sumo Group has grown to become one of the UK’s most important providers of development services to the video games industries and have worked with some of the most important players in the industry, including Microsoft, Sony and Sega.
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Speaking in an interview with the Yorkshire Post, David Wilton, CFO at Sumo Group, said that capital raised in the float will allow Sumo Group to scrub debt from its balance sheet and allow the company to look at acquisitions and global expansion.
Founder and CEO of the company Carl Cavers stated:
We are delighted to announce our intention to float on AIM. 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.
Zeus Capital was the nominated adviser and sole broker for the deal.