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Team17 sees shares score good premium on first day of trading on AIM

Last updated: 07:40 23 May 2018 EDT, First published: 06:14 23 May 2018 EDT

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In lunchtime trading, Team17 shares were trading at 215p, up about 30% on the issue price

Team17 Group PLC (LON:TM17) shares scored a good premium on their first day of trading on AIM on Wednesday, jumping over 30% above the initial public offering (IPO) price.

The video game label and indie development partner said the fundraising, which was multiple times oversubscribed, raised approximately £107.5mln before expenses, through the issue of 27,325,482 new ordinary shares and the sale of 37,849,200 existing ordinary shares by shareholders at a price of 165p each.

READ: Team17 shares to begin trading on AIM May 23

In lunchtime trading, Team17 shares were trading at 215p, up about 30.3% on the issue price, with the firm's market capitalisation on admission approximately £217mln.

Debbie Bestwick, chief executive of Team17, said: "We are delighted to have received such strong support from investors.  Our listing on AIM represents a major endorsement of both our business and our people and we believe that our quoted status provides an ideal platform from which to accelerate our growth ambitions.”

The group said its directors believe that the IPO will enable the company "to continue to invest in its future expansion, retain its independence, enhance its profile and provide the ability to incentivise current and future employees."

Team17 focuses on premium, rather than free to play games, and its portfolio comprises over 90 games, including the iconic and well-established Worms franchise, as well as Overcooked and The Escapists.

German bank Berenberg is acting as sole global coordinator and broker for the company, with GCA Altium as nominated adviser.

--Updates share price--

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