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Codemasters was valued at £280m and has “placed 7.5 million new ordinary shares and 85 million existing shares” priced at £2, the London Stock Exchange said. The new shares will raise around £15m, which Codemasters wants to use to extend the “reach of existing franchises onto more platforms” as well as “to recruit new talent to grow games as a service revenue, [for] marketing activities, and for further development of proprietary technology,” the London Stock Exchange announcement further said.
Shareholders are expected to earn £170m from this sale, with the majority going to the studio’s parent company and majority shareholder Reliance Big Entertainment.
Codemasters CEO Frank Sagnier said the IPO was a “milestone” and added: "We believe that racing games will continue to be a strong market segment, and our admission to AIM will provide us with the opportunity to further build on our expertise and capabilities in creating premium quality racing games.”