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Codemasters valued at 280m as it prepares to go public

Developer expected to raise 15 million for expansion into mobile

Codemasters is officially going public, floating on London's junior market Aim later this week with a valuation of £280 million.

The Warwickshire-based developer best known for its range of successful racing games intends to raise around £15 million which it will invest in expanding its portfolio into mobile.

Meanwhile, the sale is expected to earn around £160 million for Indian media firm Reliance Big Entertainment -- Codemasters' majority shareholder -- and £10 million for company directors and senior management.

Having increased its revenue by 60 per cent from £31 million in 2016 to £50 million in 2017, Codemasters said it intends to capitalise on the "golden era of growth" for games.

"We believe that racing games will continue to be a strong market segment, and our admission to Aim will provide us with the opportunity to further build on our expertise and capabilities in creating premium quality racing games," said Codemasters CEO Frank Sagnier.

Held back by debts, Codemasters was forced to abort similar IPO plans around ten years ago. However, it is now going public in a market that is expected to hit $137.9 billion this year.

Founded in 1986, Codemasters has around 500 staff, three locations in England, and a production facility in Kuala Lumpur, Malaysia.

Codemasters' listing comes shortly after Yorkshire-based Team 17 which confirmed its £230 million flotation plans earlier this month.

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