- Melbourne-based independent video game developer PlaySide Studios (PLY) has seen its shares take off after listing on the ASX
- PlaySide has 52 titles to its name, some of which were developed in collaboration with globally renowned film studios including Disney, Warner Bros and Nickelodeon
- The company raised $15 million in its initial public offering (IPO) at 20 cents per share
- Funds from the IPO will be used to secure the rights from select media brands to develop games, as well as to expand the development team for new original titles
- PlaySide will also use some of the cash to open a business development office in Los Angeles when COVID-19 risks can be managed
- Shares have been trading 57.5 per cent higher at 31.5 cents
The maker of Animal Warfare, Dumb Ways To Draw! and The LEGO Batman Movie Game, PlaySide Studios (PLY), has seen its shares take off after listing on the ASX.
PlaySide has 52 titles to its name, made for mobile, virtual reality, augmented reality and PC.
Many of the games are original, developed, with the company’s intellectual property (IP) and self-published. Other titles were developed in collaboration with globally renowned film studios including Disney, Warner Bros and Nickelodeon.
PlaySide made its debut on the ASX today after a $15 million initial public offering (IPO) at 20 cents per share.
Upon listing, the company had a market capitalisation of $73 million, with around 366.5 million shares on issue and based on the IPO price.
Managing Director, CEO and Co-Founder Gerry Sakkas thanked investors for their support during the IPO.
“PlaySide has in the past few years proven its ability to make games that millions of people love to play while sustainably building a profitable business on a global stage and, having now listed on the ASX, we believe we’ll be able to scale our skills, science and art to unlock significant value for PlaySide shareholders.”
Funds from the IPO will be used to secure the rights from select media brands to develop games, as well as expand the company’s development team for new original titles.
PlaySide will also use some of the cash to open a business development office in Los Angeles when COVID-19 risks can be managed.
Further, the company will invest more into its data analytics team, sales and marketing teams.
Shares have been trading 57.5 per cent higher at 31.5 cents at 2:04 pm AEDT.