Devolver Digital went public on the AIM (Alternative Investment Market) submarket of the London Stock Exchange. With the opening deal, the company and its shareholders generated an additional $261 million at a valuation of $950 million.
Devolver generates $50 million in total earnings, while the remaining $211 million is shared between the management team and shareholders, including NetEase. The company’s IPO took place at a critical time for the gaming industry. Because, in the first three quarters of 2021, the total value of financial transactions in the gaming industry has reached 71 billion dollars, and there are names such as Roblox, Playtika, Skillz, Nexters, Playstudios, and Double Down among the companies that went public this financial year.
Texas-based Devolver Digital is known for games like My Friend Pedro, Fall Guys, and GRIS on the mobile platform. On the other hand, Hotline Miami and Serious Sam are among the company’s well-known games.
Douglas Morin, CEO of Devolver Digital, said in a statement:
“An IPO is the right choice for us to ensure our continued growth and support even more wonderful games. Most importantly, it will allow us to retain our culture. Being a public company gives liquidity to our amazing team, all of whom are shareholders. It also gives us access to capital markets to continue investing in our growth strategy and talent.”
Founded in 2009, Devolver Digital is the name behind many of the successful games we listed above. The company is seen as a successful continuation of its predecessors, Gathering of Developers and Gamecock Media Group, which previously allowed the games of many independent developers to enter the market. The company has headquarters in the USA and the United Kingdom and employs around 200 employees.
In addition, it was announced that one of the investors in the company’s IPO was Sony. Shares of Devolver Digital were trading at approximately $186 at the opening, while the company’s investment share was reported to be 5%.