Devolver Digital, the publisher behind Hotline Miami and Enter the Gungeon, has gone public, and Sony is now a minority investor alongside NetEase. GI.biz reports that Devolver Digital is now trading publicly on the London Stock Exchange’s submarket, AIM. With the offering, Devolver is valued around $1 billion.
The report says Sony Interactive Entertainment has made a 5% investment in Devolver. Additionally, Devolver is receiving $50 million as part of the offering, which will be used to help the company expand. Existing management and investors will get a “cash placing” of $211 million.
“An IPO is the right choice for us to ensure our continued growth and support even more wonderful games,” CEO Douglas Morin told GI.biz. “Most importantly, it will allow us to retain our culture. Being a public company gives liquidity to our amazing team, all of whom are shareholders. It also gives us access to capital markets to continue investing in our growth strategy and talent.”
Devolver said in statement that it understands people might be skeptical about the company choosing to go public.
“Today we’ve become a publicly traded company. At first blush that can certainly sound like a departure from a group of friends starting a boutique game label, but really it’s a kind of validation for our team and our partners. We’re insanely proud of what we’ve accomplished over the last decade, and we genuinely believe this will make us even better,” Devolver said.
“The employees of Devolver Digital are still the majority owners in the company — from those of us at that first picnic table meeting to those that joined this year, everyone at Devolver Digital owns a stake in the company, its future, and its future’s future.”
With the IPO, Devolver is gathering more cash to invest in games that it wouldn’t be able to otherwise. This also allows Devolver to acquire more studios, if they wish.
“Over the past year or so we’ve brought our longtime partners and friends Croteam (Serious Sam, The Talos Principle), Dodge Roll (Enter the Gungeon), Nerial (Reigns, Card Shark), and FireFly Studios (Stronghold series) into the strong but gentle arms of Devolver Digital,” the company said. “Those developers and our team looked ahead and saw that we’d be working together forever so we lovingly acquired them, mostly so they would hang out with us more. The games and experiences that these four studios have planned are incredible and each maintain their full creative autonomy afforded to them throughout our relationship. No specific plans for Enter the Gungeon 2 but rest assured we’ve asked them more than once.”