Belfast Telegraph

Green Man goes to next level with £100 million float

The group sells digital games which can be downloaded.

Green Man Gaming has announced its intention to float on the London Stock Exchange as it looks to tap the £30.4 billion online games market.

The online video games retailer said on Tuesday that it will launch an initial public offering (IPO) on the LSE’s junior AIM market with a valuation of up to £100 million.

The group sells digital games which can be downloaded and played on PCs and consoles, such as Steam, Sony PlayStation and Nintendo Switch.

It does not hold physical stock, but rather digital game “keys” that are sold to gaming customers through Green Man’s various platforms.

The keys allow customers to download digital games straight to their PC and console platforms.

Boss Paul Sulyok said: “We have received tremendous support over the last eight years from our business partners and customers and our achievements are built on the relentless hard work and professionalism of our team.

“We believe that our award winning pure play e-commerce technology which we have developed is well positioned in our market, which the directors believe to be worth £30.4 billion.

“We see a huge opportunity for an agile, data-driven company like Green Man Gaming on the public markets, enhancing our ability to offer customers and business partners a leading edge ecosystem for the next generation of gamers.”

Last year, Green Man booked revenue of £47.5 million, capping seven years of growth.

It has received just £6.7 million of external investment and said it plans to ramp up marketing and grow revenue by at least 25% per year.

Green Man has 4.7 million registered customer accounts, trades in 195 countries and plans to increase its market share in regions where it has a significant presence – mainly in the US, UK and mainland Europe.

The firm will also expand into new markets such as India, the Middle East and China.

Mr Sulyok added: “With a truly global proposition, the directors believe that Green Man Gaming’s current position in the market, combined with access to the capital markets, could lead to a significant opportunity for the company.

“Admission to AIM could enable us to drive our global marketing initiatives more aggressively, both from a brand and performance perspective, develop our underserved international markets, which we believe have considerable potential, and consolidate our position in the video games ecosystem with potential future acquisitions.”

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