Worms publisher Team17 targets $144m in gross proceeds from IPO

Set for flotation on Wednesday, May 23rd

Worms publisher Team17 targets $144m in gross proceeds from IPO

UK indie games label Team17 has nailed down details of its forthcoming IPO.

The firm expects a market cap of $290m, with gross proceeds coming in at $144.1m. That's based on a $2.21 share price with 27,325,482 new shares on top of the 37,849,200 existing shares.

That $290m figure is actually higher than the $284m IPO the firm was originally rumoured to be targeting.

Shares breakdown

CEO Debbie Bestwick is retaining 22.2. per cent of the company, while 2016 investors Lloyds Banking Group own a 16.6 per cent stake.

The Worms publisher is floating on the AIM market in the London Stock Exchange on Wednesday, May 23rd.

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PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.