The Walking Dead: No Man's Land developer Next Games has now started publicly trading on NASDAQ First North Finland.

The studio's IPO was oversubscribed several times leading up to its first day of trading. Next Games eventually settled on a value of €7.90 per share, giving the studio gross proceeds of €32.8 million and a market cap of €143.5 million.

The majority of shares were purchased by Finnish investors, with 46% of demand coming from institutional investors in Finland and 9% from private investors. The remaining 45% came from international institutes.

During its first day of trading, shares in Next Games rose by as much as 20% to $9.50.

Doing our part

"I'm extremely pleased with the reception of our IPO both among the notable institutional investors in Finland and internationally, as well as the general public in Finland and our personnel," said Next Games CEO Teemu Huuhtanen.

"We are doing our part in starting a new chapter in the history of the Finnish games industry as the first games company to list publicly in Finland.

"We are delighted to see the industry grow and mature into a significant business sector in Finland. The IPO gives Next Games the means to continue relentlessly executing our growth strategy, developing new mobile gaming experiences based on the best entertainment IPs in the world. I would like to thank our new investors in participating in our IPO and extend a warm welcome onboard."

Next Games revealed its plans for a $30 million IPO in February 2017. It hopes to use the money raised from its public trading to fund further development and maintain The Walking Dead: No Man's Land.