By Ian Walker
Singapore-listed Winking Studios is planning to float on London's junior AIM as part of its expansion into Western markets.
The game art outsourcing company--which is backed by Acer Gaming with a 62.56% share in the group--said Thursday that it expects to start trading in London mid-November. It currently has a market value of about 112.4 million Singapore dollars ($85 million) on the Singapore Exchange Securities Trading.
It hasn't said how much the company plans to raise as part of its IPO, but said that funds will boost its existing cash resources of over $30 million. These funds will be used toward the company's expansion in Asia and Europe via acquisitions, alliances and joint ventures. It is also seeking a stronger presence and customer base in North American and European markets.
The company added that the dual-listing will provide it with access to a larger pool of investors to diversify its shareholder base.
"We believe Winking Studios has a significant opportunity to expand its presence globally, and dual listing on AIM will further support our global ambitions and position us to accelerate growth," Chief Executive and Founder Johnny Jan said.
He added that listing in London gives the company a foothold in a market known for its understanding of the global gaming industry and support for ambitious international firms.
The company works over a range of platforms collaborating with game development companies on titles such as FIFA, Call of Duty and Assassins Creed. It reported revenue of $29.3 million in 2023 and adjusted earnings before interest, taxes, depreciation and amortization of $5.3 million.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 31, 2024 05:38 ET (09:38 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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