LDC-backed Team17 lists with £217m market cap

The offering comprised 27,325,482 new and 37,849,200 existing shares valued at 165 pence apiece, raising total proceeds of £107.5m.

Following the IPO, LDC will retain a 16.6% stake in the business, which is best known for its video game series Worms. According to a statement, the company generated "strong returns" from the partial divestment.

Since the GP's initial investment, the company has drastically increased its turnover and EBITDA, which grew by 119% to £29.6m and 111% to £12.9m respectively year-on-year in 2017.

Berenberg acted as sole global coordinator and broker, while GCA Altium acted as nominated adviser on the listing.

Previous funding
LDC invested £16.5m in Team17 in October 2016 in order to fund the bolt-on acquisition of competitor Mouldy Toof Studios, which developed The Escapists. The GP acquired a minority stake in the company as a result of the deal.

Company
Founded in 1990 and headquartered in Wakefield, West Yorkshire, Team17 is a computer games developer. Its products include the Worms franchise, Overcooked and Yooka-Laylee.

People
LDC – John Garner (head of Yorkshire and the north east).
Team17 – Debbie Bestwick (CEO).

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