By Ian Walker

Singapore-listed Winking Studios priced its London initial public offering at 15 pence a share, implying a market capitalization of 66.1 million pounds ($85.4 million) when trading starts on the junior AIM on Thursday.

The game art outsourcing company--which is backed by Acer Gaming with a 62.56% share in the group--said Monday that it is planning to raise 7.9 million pounds as part of its IPO.

Winking Studios said a time of its initial IPO announcement on Oct. 31 that any money raised 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 said at the time. It is also seeking a stronger presence and customer base in North American and European markets.

The London float is part of the company's expansion into Western markets.

The company said previously 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 on Oct. 31.

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 "Assassin's 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

November 11, 2024 03:27 ET (08:27 GMT)

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