Update: Stillfront Group to raise $53 million from directed share issue; seeks up to $106m from bond loan

Company wants to add cash to its M&A warchest

Update: Stillfront Group to raise $53 million from directed share issue; seeks up to $106m from bond loan

Update: On top of the $53 million raise through a directed share issue (as below), the Stillfront Group is also exploring a bond loan with SEB and Swedbank.

Should it go through with this, the bond loan would be worth an estimated SEK 500 million ($53m), with potential for a further $53m.

Original story (published June 12th): The Stillfront Group is conducting a directed share issue of more than two million shares to raise fresh capital for the business.

Shares are priced at SEK 240.40 ($25.45) per share, from which the company hopes to raise a total of SEK 500 million ($53m).

The share issue was said to be oversubscribed by Swedish and international institutional investors.


Stillfront wants to use the cash to grow its business, help fund its recent $90m Kixeye acquisition (which could rise to $120m) and invest in further acquisitions.

“When we announced the acquisition of Kixeye, we also communicated that we planned to further advance our future financial flexibility,” said Stillfront CEO Jörgen Larsson (pictured, main).

“Today’s share issue is a very important component of that ambition, and we are delighted to see the strong commitment from our investors, supporting our continued growth journey.”

The Stillfront Group has been building up an empire of developers and publishers over the last few years. The group now represents companies from Unravel developer Coldwood in Sweden and German developer Goodgame Studios to World at War creator eRepublik Labs. It currently counts 11 studios in all.

In Q1 2019 the company reported a 33 per cent increase in net sales to $43.6m, while EBIT climbed 54 per cent to $11.9m.

Senior Editor

Craig Chapple is Senior Editor of and He was previously Deputy Editor at Develop and Online Editor at Nintendo of Europe.


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