December 18, 2017 / 7:06 AM / a year ago

British games developer Sumo Digital valued at 145 million pounds in IPO

(Reuters) - British games developer Sumo Digital said on Monday its initial public offering (IPO) was priced at 100 pence per share for listing on London’s junior market on Wednesday, valuing the company at 145 million pounds.

The Sheffield-based developer, which makes games such as Forza Motorsport 7 and HITMAN Episode 5, said the placing of ordinary shares has raised about 38.5 million pounds, while a vendor placing has raised about 39.7 million pounds for selling shareholders.

The company’s management and funds managed by private equity Perwyn LLP will retain a 43 percent stake.

Sumo Digital, which develops games for Sony (6758.T) and Microsoft (MSFT.O), was founded in 2003 and is one the largest independent games developers in the UK.

The proceeds of the offering will be used to cut debt and as additional working capital, the company said.

Zeus Capital was the sole bookrunner of the offering.

Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri

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