Finnish mobile games developer Nitro Games is gearing up for an IPO with hopes to raise €3.2 million ($3.5 million) from selling its shares publicly.
As reported by GamesIndustry.biz, the studio has started its subscription period and is planning to IPO in the next few weeks on the NASDAQ First North Stockholm, having researched all its available options.
The IPO will be used to help facilitate Nitro Games' transition into self-publishing its titles. The studio has already begun a new hiring spree as it readies the team for going public and expanding the business.
The next step in our story
"We feel that the big benefit of IPO for us is to enable us to take the next step in our story. So we're definitely not looking at this from an exit point of view," said Nitro Games CEO Jussi Tähtinen.
"Looking forward, we feel that should we want to raise more capital after the IPO, the channel is already there and we're already a known company for investors at that point. So this is a long-term strategy for us."
Nitro Games has worked on titles such as Raids of Glory, Medals of War and East India Company.
The developer announced it was exploring an IPO back in April 2017. The news came shortly after fellow Finnish developer Next Games started floating on Nasdaq First North Finland, becoming the first games company in the country to do so.