Game IPO achieves £340m market cap

The company, which was rescued by turnaround house OpCapita, made its debut on the London Stock Exchange, with shares priced at the bottom of its initial range. The listing will generate proceeds of £121m for the business and its owners Elliott Advisors. The company has listed a 35.5% stake.

Canaccord Genuity acted as financial adviser, sole sponsor and joint bookrunner for the IPO.

Game operates a multi-channel retail strategy, comprising 560 physical outlets across the UK and Spain, marking a significant slim-down from the 874 stores the group used to run when facing trouble back in early-2012. The retailer also operates e-commerce and mobile channels.

For the year to 25 January 2014, Game posted revenues of £815.7m and EBITDA of £47m. The company has also secured a £50m stock finance facility from HSBC.

Game was acquired by OpCapita in a £1 deal in April 2012 after the company fell into administration. The transaction saw the turnaround house acquiring the group's remaining 333 stores and paying a reported £50m for its £85m of debt.

Two weeks following the rescue deal, OpCapita acquired the Iberian operations of Game, which operated 290 stores at the time of the deal. And in August 2012, Genesis Capital acquired the Czech subsidiary of the company. 

OpCapita only holds a less than 1% stake in the company, with Elliot Advisors the majority owner following a transaction in March this year.

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