Sumo Digital plans for pre-Christmas flotation
Sumo Digital in Sheffield has confirmed that it plans to float on the stock exchange before Christmas.
A spokesperson for the Sheffield-based studio said that they had submitted a Schedule One form, to London’s AIM.
The company is behind major games for Sega, Sony and Microsoft, including Little Big Planet, Star Wars, Sonic Sega All-Stars and Forza Motorsport.
Earlier this year, it announced a restructure of its senior management team, with co-founder Paul Porter taking up the managing director role. The company, which employs more than 400 staff across its studios in Sheffield, Nottingham and Pune (India) said that it was also moving into larger premises in the UK.
Sumo underwent an MBO in 2014, backed by private equity firm, NorthEdge Capital. Two years later, NorthEdge exited the investment, with what it claimed was a 4.4x return, as revenues rose 60% over the period, to £23m.
It is now owned by another private investment firm, Perwyn, which backed its acquisition of Gateshead-based Atomhawk last year.
According to reports, Perwyn is hoping to raise £70m on the flotation, which will be used to pay off debts and fund further acquisitions.
Sumo Digital confirmed that Zeus Capital would be managing the flotation.