The Finnish mobile developer Next Games will IPO on the Nasdaq First North Finland stock exchange, with an expectation of raising €30 million to fund the company's expansion.
The shares will be available to private investors and entities in Finland, Next Games' Finnish staff, and institutional investors worldwide. According to a statement released by the company today, the €30 million in shares will be used to push forward with its growth strategy, which includes the development and marketing of both new products and its existing hit, The Walking Dead: No Man's Land.
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Creating games based on entertainment licenses has been a core part of Next Games' strategy ever since it was founded by a veteran team from Rovio, Supercell and Disney in 2013. The money raised from the IPO will be used to fund new licensing agreements that will serve as the basis for future projects. The company said that it has two games currently in development, and it intends to launch one game a year starting in 2018.
Teemu Huuhtanen, Next Games' CEO, said that revenue tripled in calendar 2016, and the overall business becoming profitable in the second half of the year. "The effectiveness of our business model, demonstrated by our track record, forms a foundation for bringing new games to the market," he said. "The contemplated IPO plays a key role in supporting Next Games' development to an even stronger mobile game company."
In the calendar year ended December 31 2016, Next Games earned €31.1 million in revenue, up from €9.7 million the year before.