Citigate Dewe Rogerson advises GAME Digital plc on IPO
Shares in GAME Digital plc, the video games retailer, have today been admitted to the Official List of the London Stock Exchange following completion of the Company’s Initial Public Offering. PR advice for the IPO was provided by Citigate Dewe Rogerson directors Tom Baldock and Grant Ringshaw, supported by Jos Bieneman and Victoria Turner.
CDR has been working with GAME since November 2012, supporting management as the business was restructured following its acquisition by Elliott Advisors, before being appointed as PR adviser to the IPO earlier this year. The Offer raised gross proceeds of approximately £121m.
GAME is a market leader in the UK and Spanish video games markets, where it has a market share of over 30 per cent in new video games content, hardware and accessories. The business has been transformed under new management and now operates with a streamlined store portfolio together with eCommerce and mCommerce channels and an award winning UK app. As the growing video games market becomes ever more complex, GAME expects to benefit from its position as a truly specialist retailer offering ever more ways to play and pay for games, whether in physical or digital form. For the 52-week period ended 25 January 2014, the Company generated revenue of £815.7 million, adjusted EBITDA of £47.0 million and cash from operations of £57.7 million. GAME will list on the LSE with no long-term debt.
Canaccord Genuity Limited acted as the financial adviser, sole sponsor and joint bookrunner to the offer while HSBC Bank plc and Liberum Capital Limited acted as Joint Bookrunners.