Swedish video game developer Stillfront has raised just over €113 million in a directed shared issue to Swedish and international investors. The move was made so the company can “act swiftly on potential future acquisitions and growth opportunities,” according to Aktiesparnarna.
Announced in a press release yesterday, the directed share issue filled up quickly and was “significantly oversubscribed”, according to the board of directors. In May the board approved the directed shared issue of 1,558,441 new shares at a price of SEK 770.0 per share.
Stillfront CEO Jörgen Larsson commented: "We are very pleased with the response from new investors as well as from existing shareholders. Our ambition is to continue developing Stillfront to a leading free-to-play powerhouse of gaming studios and we see this as an acknowledgment that investors believe in our growth agenda." This isn’t the Swedish company’s first fundraise through a directed share issue. Just one year ago, Stillfront raised about €46 million (SEK 500 million) via the same process. The group has acquired 14 game studios to date.