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Online video game retailer Green Man Gaming to float on AIM

The digital video game seller is aiming to use the funds from its IPO to drive international expansion and growth in its customer base

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The group currently operates in 195 countries and boasts 4.7mln registered customer accounts

Green Man Gaming Limited has announced its intention to float on the AIM market around late September 2018 in a move to grow its customer base and expand internationally.

The firm, which sells digital copies of games through the sale of downloadable ‘keys’, said its e-commerce platform was “lean, agile, scalable and resilient” as well as “platform agnostic” which would allow it to market games across a wide range of consoles and PCs.

Drive global marketing initiatives more aggressively​

Green Man added that while it currently operates across 195 countries, it would seek to shift its focus away from its dominant US, UK, and European markets and target increased market share in regions such as India, the Middle East, and China.

The group added that since it was incorporated in 2009, it has delivered seven years of consecutive growth with a revenue compound annual growth rate (CAGR) of 26.7% in the last three years with only £6.7mln of external investment.

With the digital video game industry expected to grow 32% to £40.1bn by 2020, the company said it would use the primary proceeds of its initial public offering (IPO) to “take advantage of a high growth e-commerce opportunity”.

Paul Sulyok, chief executive of Green Man, added that the company’s current position in the market, combined with access to capital markets would enable it to “drive global marketing initiatives more aggressively, both from a brand and performance perspective”.

The group intends, subject to demand, to target a free float considerably above 25% of the Company's issued share capital, which will allow existing shareholders the opportunity to sell a proportion of their shares.

Green Man Gaming’s float will place it alongside several other game developers, publishers, and retailers who have made their debut on AIM in the last 12 months, including Worms and Overcooked publisher Team17 Group PLC (LON:TM17), racing game developer Codemasters Group Holdings PLC (LON:CDM), and developer Sumo Group PLC (LON:SUMO).

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