Finland-based mobile game producer Next Games today announced it hopes to conduct an initial public offering on the Nasdaq First North Finland with a target size of €30m ($31.7m).
The flotation would provide an exit to IDG Ventures, a corporate venturing affiliate of IT and media conglomerate International Data Group, and IDG Capital, the China-based arm of IDG Ventures, as well as TV channel AMC Networks and entertainment company Lionsgate.
VC firm Lowercase Capital and angel investor Jari Ovaskainen have also backed Next Games.
Founded in 2013, Next Games publishes mobile games based on licensed intellectual property that spans television shows, films, books and other entertainment franchises.
The IPO will mark the first offering by a games developer in Finland. Next Games will use the proceeds to support continued growth and boost its competitiveness through additional licensing agreements and the development and marketing of both existing and new games.
Next Games has raised $18m in equity funding to date. IDG Ventures and Ovaskainen previously co-led a $10m series B round in February 2016, with participation from AMC, Lionsgate, IDG Capital and Lowercase.
In March 2014, IDG Ventures and Ovaskainen already co-led a $6m series A round, while Lionsgate injected cash the following July as part of a strategic partnership.
The Helsinki branch of financial services firm Danske Bank is acting as the sole lead manager.
Teemu Huuhtanen, CEO of Next Games, said: “Next Games has established itself as a major developer and publisher of service-based mobile games. Our investments in The Walking Dead: No Man’s Land enabled us to triple our revenue in 2016 and our business became profitable in the second half of the year.
“Our achievements in 2016 are a testament to the effectiveness of our business model and our experienced team’s passion and motivation to make service-based games.
“The cornerstone of our strategy is to develop and publish mobile games based on entertainment franchises. The effectiveness of our business model, demonstrated by our track record, forms a foundation for bringing new games to the market.
“The contemplated IPO plays a key role in supporting Next Games’ development to an even stronger mobile game company. The proceeds from the contemplated IPO are intended to be used to support our growth.”