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Video game developer Codemasters to list on AIM

UK game developer Codemasters has announced its intention to..

UK game developer Codemasters has announced its intention to list on the AIM this Friday, with the company hoping to raise £15m in its Initial Public Offering (IPO).

The Warwickshire-based company expects to have a market capitalisation of £280m when it enters London's junior market.

The offering of the companys existing shares is expected to raise £159.9m for the firms Singaporean majority owner Reliance Big Entertainment and a further £10.1m for the companys executive directors and senior management.

Read more: F1 video game maker Codemasters in pole position for £280m London IPO

Liberum Capital is acting as nominated adviser and sole broker in relation to the listing, the gaming company said.

The firm, which has been operating for 30 years, has seen revenues double from £31m in 2016 to £63.6m in the year ending 31 March 2018.

The video game developer says it intends to use the money it raises from its IPO to recruit new talent, evolve its technology and develop its marketing strategy.

Read more: Avast cuts its IPO price as it floats at £2.4bn

Though it has published a range of different games since its founding in 1986, Codemasters is most well-known for creating racing games like Dirt, Grid, and Formula One.

Headed up by former Electronic Arts vice president of digital publishing for Europe Frank Sagnier, Codemasters has 500 full-time employees and operates in three UK locations: Southam, Birmingham and Runcorn in Cheshire.

The company says has “established relationships with some of the industrys leading companies” including Apple, Google, Microsoft, Nintendo, and Sony among others.

The developer said it is expecting take advantage of the growing gaming market, which in 2017, had some 2.2bn gamers around the world and generated $116bn in game revenues.

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