Taking the first steps towards going public, French developer Dontnod has registered with the Autorité des marchés financiers (AMF).
The studio behind Life is Strange and the forthcoming Vampyr, Dontnod aims to go public on the Euronext Growth stock exchange.
According to French-language publication Le Figaro, Dontnod intends to channel funds generated from the IPO into more co-produced projects rather than relying solely on publisher funding.
"By financing ourselves a small part of the development, we take a controlled financial risk, but this allows us to generate larger royalties if successful," said Dontnod CEO Oskar Guilbert.
"We are not abandoning the classic model of full funding by the publisher. We want to achieve a smart balance between the two models."
Having worked with Capcom and Square Enix in the past, Dontnod is now reportedly developing an undisclosed project with Bandai Namco, and another secret project with an as of yet unannounced leading publisher.
Going public has been on the cards for a while, said Guilbert, but the developer had to "first reach a certain maturity".
Having been placed into receivership in 2014 following the commercial failure that was Remember Me, Dontnod has grown into a studio of renown with the international success of Life is Strange, which has sold over three million units.
In 2017 Dontnod generated €9.7 million revenue, up 33 per cent over the year prior for a net profit of €2.1 million.
"It has been a lot of work to get there," said Guilbert, "We want to maintain this quality of production and continue on this path."