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Elite developer Frontier joins AIM with market cap of 39.4m

Elite developer Frontier joins AIM with market cap of 39.4m

Wed 10 Jul 2013 7:27am GMT / 3:27am EDT / 12:27am PDT
BusinessDevelopment

Company intends to license Cobra technology alongside Elite: Dangerous development

Frontier Developments, the developer of Elite: Dangerous and Kinectimals, is to float on AIM, the sub-market for smaller companies on the London Stock Exchange.

The company, which has studios in Cambridge, UK, and Halifax, Canada, will be admitted to AIM with a market cap of 39.4 million. Frontier has raised 4 million through a placing of ordinary shares and is expected to start trading on July 15.

Frontier raised 2.8 million in June and is debt free with 7.2 million of cash.

"We are very excited to be listing our company at a time of such strong momentum in the business and the sector," said David Braben, CEO.

"This placing of Frontier shares, combined with our recent oversubscribed funding round, is a strong endorsement both of the opportunities we have identified, and our team's ability to deliver on the next round of enhancements to our business to make the most of those opportunities.

"It gives us the necessary financial impetus to continue operating at the forefront of the continually evolving and expanding global games market."

Frontier most recently raised over 1.5 million via Kickstarter for Elite: Dangerous, the latest in the well-regarded space trading games. The company has also developed LostWinds, Kinect Disneyland Adventures, Kinectimals and Roller Coaster Tycoon 3 using its proprietary Cobra technology.

Frontier now hopes to license its in-house technology to third party developers.

2 Comments

Congratulations to David and Frontier and good luck to them. Let's hope they fare better than the last 20 years of listed UK games companies!

Posted:9 months ago

#1

Craig Page
Programmer

381 216 0.6
This isn't "Breaking News", this is back page news. I'm unsubscribing from the Daily Newsletter emails.

Posted:9 months ago

#2

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