One of the UK’s leading video games labels is set to join AIM later this month.
Yorkshire-based Team17 has set itself up as the place to go for the UK’s indie games developers, which use its platform and infrastructure to hone and publish their creations.
Founder Debbie Bestwick will receive £50mln from the sale of half her stake, while LDC, Lloyds Bank’s corporate finance arm, is set to rake in £38mln.
LDC paid £16.5mln for a 33.3% stake in a funding round two years ago and is also set to sell up to half.
The group is forecast to be valued at £230mln following a surge in revenues over the past two years.
Revenues more than doubled to 29.6mln in 2017 from £13.5mln, with over 50% of generated from existing titles that ensure 'an annuity stream of revenues' said the company.
Underlying profits jumped to £12.9mln (2016: £6.1mln).
Well-known titles include Worms, Overcooked and the Escapists, which was developed by a former roofer.
Eight new games have already been announced for 2018 to launch across various platforms.
Bestwick received an MBE in 2016 for her video games work and said: “We firmly believe that an IPO will not only broaden the profile of the business globally but will enable Team17 to continue to capitalise on our position as a leading independent video games label for indie developers.”
GCA Altium is acting as nominated adviser.