tinyBuild raised $213.7 million through an IPO — the company's valuation reached $472.6 million (UPDATED: the company received only $50 million)
A publisher with Latvian roots tinyBuild, known for the Hello Neighbor franchise, has entered the stock market. During the IPO, the company raised £154 million ($213.7 million), and its market value rose to £340.58 million ($472.6 million).
According to the PocketGamer portal, the initial public offering of shares took place yesterday on the alternative investment market at the London Stock Exchange. The trading was led by the investment fund Zeus Capital, which in 2017 helped to become a public British Sumo Group.
According to the InvestGame resource, most of the proceeds from the IPO went to the company’s investors. tinyBuild itself earned only £36.2 million ($50 million) on the placement. The money received will be used for the further development of the publisher.
The key to our success has been partnering with developers from all over the world. This has helped create franchises that consist of many games and have been popular with players for a very long time. We are flattered by the appetite with which investors bought shares. We also believe that this listing has given tinyBuild all the necessary resources to grow.
tinyBuild CEO
tinyBuild was founded in 2011 and has often invested in gaming companies in the past. A month ago, the publisher acquired three studios at once, among which were the Russian Hungry Couch and Moon Moose. tinyBuild currently has 40 projects in its portfolio, 23 of which are scheduled for release in 2021-2022. Among the most high-profile titles of the publisher: No Time to Explain, SpeedRunners, Party Hard and a series of Hello Neighbor games.
