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(Alliance News) - Semper Fortis Esports PLC on Monday said it raised GBP2.5 million in its Aquis Stock Exchange float.
The e-sports firm, now trading on the Aquis Exchange Growth Market, had a GBP4.2 million market capitalisation on admission.
It raised GBP2.5 million through a placing and subscription of 255.5 million shares at 1.0p each. The stock was trading at 1.3p each on Monday morning, up 23% from its IPO price.
"The net proceeds from the issue will be used for working capital purposes in pursuing the company's strategic objectives in establishing esports teams, forming brand and technology partnerships, and providing business to business advisory services. The directors believe the company has the skill set and vision to gain a strong foothold in the UK market which is set to mature rapidly," Semper explained.
"With a predicted 2.7 billion gamers across the globe in 2020, growth in esports is exploding, with the company offering investors unique exposure to this exciting new sector."
E-sports have grown in popularity, helped in part by Covid-19 restrictions which boosted demand for gaming.
The London Stock Exchange is home to e-sports firms Gfinity PLC and David Beckham-backed Guild Esports PLC. Over the past year, Gfinity's stock has more than doubled, the Guild has lost around 30% since its float in September.
Semper's board includes Nolan Bushnell, who established Atari Inc, famous for its arcade games.
"When I started Atari and the video game industry in the 1970s, we had no idea where it would ultimately end up. Now I can say that esports is hugely gaining in popularity, with a completely inclusive and fun philosophy. Semper Fortis is right at the forefront of this," Semper Non-Executive Bushnell said.
By Eric Cunha; ericcunha@alliancenews.com
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