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Team17 expects gross proceeds of IPO to hit 107.5 million

CEO Debbie Bestwick will retain a 22.2% stake in the publisher after its flotation on May 23

Team17 has confirmed the details of its IPO, with the UK publisher expecting a market capitalisation of 217 million and gross proceeds of 107.5 million.

That figure is based on the issue of 27,325,482 new shares and 37,849,200 existing shares, at a price of 1.65 per share. The gross proceeds of the IPO will be around 107.5 million.

Team 17's selling shareholders will receive 59.4 million from the IPO. Debbie Bestwick, the company's CEO, will retain a 22.2 per cent stake in the company, and Lloyds Banking Group will own 16.6 per cent.

According to a statement from Team17, the IPO has attracted strong interest from institutional investors, with the book covered many times over. The shares will be sold on the AIM stock exchange starting at 8am on May 23.

We recently spoke with Debbie Bestwick about Team17's decision to go public, when she expressed the belief that it was the right time for the company to grow.

"We firmly believe that an IPO will not only broaden the profile of the business globally but will enable Team17 to continue to capitalise on our position as a leading independent video games label for indie developers, as well as continuing to successfully develop our own IP in house," she said.

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