Devolver Digital raises $261M at $950M valuation on LSE

Devolver has gone public on the London Stock Exchange’s AIM submarket in a deal that gives it $261 million in proceeds for both the company and shareholders at a $950 million .

Devolver itself will get $50 million in proceeds, while $211 million will go to selling shareholders, which include the management team and investors like NetEase, which will still hold a stake. I think the lesson is that comedy can get you rich.

The offering is happening at a historic time for gaming. In the first nine months of 2021, investors have poured $71 billion into the game industry through startup investments, acquisitions, and public offerings, according to Drake Star Partners. Among those that have gone public are Roblox, Playtika, Skillz, Nexters, Playstudios, and Double Down Interactive.

The Austin, Texas-based company is best known for publishing alternative hits like Hotline Miami, Serious Sam, Fall Guys, and Loop Hero. It was also known for its wacky over-the-top press events around the Electronic Entertainment Expo.

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