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Team17 shares to begin trading on AIM May 23

The independent games developer, whose most famous franchises include Worms and The Escapists, is expecting a market cap of around £217mln
Team17 logo
The shares have a placing price of 165p

Team17 Group PLC said its shares will begin trading on AIM on 23 May following the pricing of its Initial public offering (IPO) and a conditional placing.

Shares in the independent games developer, whose most famous franchises include Worms and The Escapists, have a placing price of 165p, with the group expecting a market cap of around £217mln.

READ: Is the Team17 float an upward or downward indicator for the video game sector?

The firm added that in a conditional placing it had issued around 27mln new shares, as well as around 37mln shares sold by existing shareholders, to institutional investors.

Team17 has conditionally raised net proceeds of £42.8mln from the placing, while selling shareholders, which include company chief executive Debbie Bestwick, have raised £59.4mln.

On Admission, the management and employees of the firm will hold approximately 31.2% of the issued share capital.

The company is hoping to raise gross proceeds from the placing of around £107.5mln.

On admission, the group will have 131.2mln shares in issue and is expected to have a free float of around 49.6%.

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