Racing game developer Codemasters said it intends to list on AIM on June 1 as it aims to raise £15mln through its initial public offering (IPO).
The developer, whose games include the official Formula 1 racing series as well as rally racing franchise DiRT, is expected to have a market cap of around £280mln when it lists on Friday.
The placing consists of 7.5mln new shares and 85mln existing shares, with a placing price of 200p each.
Codemasters is one of the UK’s oldest game developers and has been operating since 1986, but since 2016 has seen its revenues more than double from £31mln to £63.6mln for the year ended 31 March 2018.
The offering of the company’s existing shares will result in an expected £159.9mln payday for its majority owner, Reliance Big Entertainment, while also raising around £10.1mln for its executive directors and senior management.
The company says it will use the proceeds from the IPO to recruit new talent to grow ‘games as a service’ revenue, conduct marketing activities, extend the reach of existing franchises onto more platforms, and further develop its technology.
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The float follows on the heels of fellow game publisher Team17 Group PLC (LON:TM17) which floated on AIM on May 23 and has seen its shares rise 41% from the 165p issue price to 234p at last close on May 24.