Helsinki-based mobile developer Next Games has revealed plans for a $30 million IPO with a listing on the NASDAQ First North Finland marketplace.

The developer is looking to use the IPO as part of its growth strategy moving forward into 2017. It will also attempt to gain better recognition in the games industry by becoming more visible as a public company.

Funds raised through sale shares will be used to grow the studio and to develop new titles. Next Games will also continue to develop and maintain its flagship title The Walking Dead: No Man's Land.

Effective business model

"The cornerstone of our strategy is to develop and publish mobile games based on entertainment franchises. The effectiveness of our business model, demonstrated by our track record, forms a foundation for bringing new games to the market," said Teemu Huuhtanen, CEO of Next Games.

"The contemplated IPO plays a key role in supporting Next Games' development to an even stronger mobile game company. The proceeds from the contemplated IPO are intended to be used to support our growth."

Next Games also revealed that No Man's Land had surpassed 16 million downloads since first launching in September 2015. The game is a poster-child for rewarded video ads, with up to 80% of its player-base opting in to watch ads.