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Zeus acted as Sole Bookrunner and Nominated Adviser to Devolver Digital on its $1 billion AIM IPO

Zeus is delighted to have acted as Sole Bookrunner and Nominated Adviser to Devolver Digital, Inc. (“Devolver” or the “Company”) on its landmark initial public offering on AIM, raising $261 million through a UK placing and Rule 144a placing into the United States, achieving a market capitalisation of $950 million. The placing was well supported by UK and US institutional investors as well as Sony Group Corporation, who took a 5% strategic stake in the Company. The offering was placed with a quality list of blue chip long only investors.

Company information

Devolver is a US-based video game publisher and developer with global operations. The Company publishes premium indie titles under the Devolver and Good Shepherd publishing brands, operates five development studios, has published over 90 titles made up of a balanced mix of third-party titles and own-IP. Devolver is known in the industry as the “developer’s publisher” and has the highest rated portfolio for an indie publisher of scale on Metacritic.

This transaction marks the start of Devolver’s next stage of growth, providing $50 million of gross proceeds to the Company to accelerate its growth strategy and expansion plans. The transaction also included a secondary cash placing of $211 million for management and existing investors, including strategic investor NetEase, Inc, who retain an investment in the Company.

The ground-breaking transaction means Devolver will be the second-largest company to be admitted to trading on AIM in the last five years1 and the largest ever US-based operating company to be admitted to the London Stock Exchange across all markets1. The placing has seen Devolver receive a significant strategic investment from a key industry player, as well as support from US institutional investors through the 144a placing.

Zeus will continue to advise Devolver as their retained Nominated Adviser and Sole Broker.

Harry Miller

Executive Chairman of Devolver

“In 2009 a handful of us sat down in Austin, Texas to launch a new video game label to embrace the fun in video games and never let go. Today we are 200 people spread across 22 countries, two publishing brands and five development studios. One thing has not changed: our team remains passionate about helping developers, and fellow Devolvers bring interesting and unusual games to the forefront.

I am grateful for the efforts of the Zeus team who have been our trusted advisors throughout the IPO process having delivered on targets set out at the start of an 8 month process. I am excited to start the next stage of Devolver’s journey as a public company and working with Zeus and our new investors in the future.”

Douglas Morin

Chief Executive Officer of Devolver

“I would like to thank the Zeus team for their hard work advising Devolver and leading the advisor group throughout what has been a complex and intense IPO process. Zeus’ knowledge of the IPO process and support in positioning Devolver with investors was invaluable in delivering a successful result.

An IPO is the right choice for us to ensure our continued growth and support even more wonderful games. Most importantly it will allow us to retain our culture. Being a public company gives liquidity to our amazing team, all of whom are shareholders. It also gives us access to capital markets to continue investing in our growth strategy and talent.”

Richard Darlington

Director, Zeus

“We are delighted to have advised Devolver on its ground-breaking IPO which solidifies its position as one of the world’s leading video game publishers. We look forward to supporting the entire team led by Harry, Doug and Dan as a publicly listed business.

Devolver is the largest ever US operating company to list in London, the largest video games AIM IPO ever, and has received a major investment from Sony – in achieving all this they have demonstrated the support of a truly global investor base and we are all excited to see what the next phase of growth has in store.”

Contact

If you would like further information, please get in touch with our team.

Benjamin Robertson Head of Equity Capital Markets+44 (0) 203 829 5625LinkedIn Scan with your phone camera to add to contacts Download vCard
Richard Darlington Director of Corporate Finance Scan with your phone camera to add to contacts Download vCard

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