F1 video game maker Codemasters in pole position for £280m London IPO

 
Josh Mines
AFL Premiership 2005 Sony Playstation Launch
The maker of the official F1 video games is on the starting grid to float in London (Source: Getty)

The maker of the official Formula One games Codemasters is in pole position for a £280m float on the London Stock Exchange, according to reports today.

Warwickshire-based Codemasters is planning an £280m valuation in an IPO that will allegedly take place in the next coming weeks.

According to Sky News, the company aims to raise £15m from the sale of new shares, although the price tag of £280m has not yet been publicly confirmed.

It follows a number of other gaming companies eyeing up IPO opportunities.

Makers of the Worms franchise Team 17 recently announced plans for a £230m listing, while Sumo stepped into the ring with a float back in December 2017.

Read more: Gaming label Team 17 gears up for IPO following surge in revenue

Codemasters' Indian owner Reliance Big Entertainment is expected to reduce its stake of more than 90 per cent to 40 per cent through selling part of its shareholding.

In its latest set of accounts filed at Companies House which went up to the year to 31 March, the firm stated:

New platforms and devices, greater accessibility and a variety of business models are all contributing to reach more gamers, anywhere and at any time.

The prospect of (Artificial Reality/Virtual Reality), the growing popularity of competitive gaming with eSport, the addition of engaging digital services and the proliferation of new platforms and technologies enabling more social activity and more immersion will lead to continued growth for many years to come.

Codemasters declined to comment on the story.

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