31st Oct 2024 12:20
(Alliance News) - Winking Studios Ltd on Thursday revealed its intention to list on London's AIM market in a bid to expand the firms global presence.
The Singapore-based game development business involved in art outsourcing intends to float on London's junior market in November.
Key details of the firm's listing have not yet been disclosed, including its anticipated market capitalisation on admission, the issue price of its shares and the level of capital it is trying to raise.
The firm's shares are currently traded on Singapore's Catalist board, with its shares closing up 3.5% today at SGD0.30 in Singapore. Its current market capitalisation is SGD116.41 million, which is about GBP67.58 million.
Winking said that the funds raised from the dual listing will bolster its existing cash resources of USD30 million, with the proceeds allocated towards: establishing a stronger presence in Europe and North America, enhancing its operational capabilities and pursuing strategic acquisitions and joint ventures in Asia and Europe.
An additional benefit acknowledged was the diversification of its shareholder base through access to a larger pool of knowledgeable tech investors.
The firm is headed up by Chief Executive Officer Johnny Jan who founded the company in 2004 and currently owns 6% of its shares. Its Chief Financial Officer Oliver Yen owns just below 1%.
Other key shareholders include Acer Gaming Inc with 55%, Acer SoftCapital Inc with 8% and Flying Way International Corp with 7%.
Winking Studios Chief Executive Johnny Jan said: "We believe Winking Studios has a significant opportunity to expand its presence globally, and dual listing on AIM will further support our global ambitions and position us to accelerate growth.
"London feels like the obvious choice, as it gives us a foothold in a market known for its deep understanding of the global gaming industry and support for ambitious international firms like Winking Studios.
"Operating in a fast-growing industry, with a proven track record of delivery and relationships with the majority of the world's biggest game developers, we plan to build on our success to date and capitalise on the fragmented nature of the industry landscape to drive future growth."
By Christopher Ward, Alliance News reporter
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