Update: Team 17 Floats for £217 Million

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Team 17, the publisher behind the popular Worms franchise and recent games such as Yooka-Laylee, Overcooked, and The Escapists, have floated on the London Stock Exchange and their shares are trading above listing price. You can see the full report on their trading ticker here.

In monetary terms, this means that the total funds raised during the initial public offering equal 42.8 million pounds ($57.8 million). Team 17 have floated for £217m on the AIM market in London.

In an article in The Guardian, founder and CEO Debbie Bestwick MBE’s share was stated to be equal to £100m: “Debbie Bestwick, 48, founded Team17 in 1990 and her stake will be worth approximately £100m when the company floats on Aim this month [May]. Bestwick, who received an MBE in 2016 for services to the video games industry, intends to sell up to 50% of her shareholding in the flotation.”

CEO Debbie Bestwick said of the funds raised: “We are delighted to have received such strong support from investors.  Our listing on AIM represents a major endorsement of both our business and our people and we believe that our quoted status provides an ideal platform from which to accelerate our growth ambitions.”

She went on to say: “We have established a truly exceptional team and our vast expertise within the gaming sector has enabled us to create a market-leading offering. We are excited by the benefits of being a quoted company and we look forward to further developing our business over the coming years.”

Team 17 employs around 140 people, and in 2017 saw revenues increase to £29.6m from £13.5m in 2016, with adjusted EBITDA (earnings before tax) increasing to £12.9m from £6.1m.

Paul Sulyok, Founder and CEO of Green Man Gaming said: “This is another example of great UK creativity and entrepreneurial spirit, we at Green Man Gaming wish them every success.”

Correction: The opening market valuation was at £217 million pounds, and the Market Cap as of the 25th of May reached £305 million pounds, £88 million pounds over the initial valuation.