Business Irish

Friday 23 February 2018

Video game translation firm set to raise €30m in AIM listing

Company CEO Andrew Day
Company CEO Andrew Day
Peter Flanagan

Peter Flanagan

DUBLIN-based tech firm Keywords Studios is expected to raise more than €30m when it floats on the stock market on Friday.

The company, which provides translation services and other localisation operations for the computer games industry, will place shares equal to about 56pc of ownership of the company on London's Alternative Investment Market (AIM), giving the company a market capitalisation of £49.7m (€57m).

The offering, which is being run by Numis Securities, will see shares worth about £28m (€31m), placed with institutional shareholders. That is much higher than the £12m that the company had originally hoped to raise. The stock is set to be priced at £1.23 (€1.43) per share.

Company chief executive Andrew Day said he was "delighted that our initial public offering has been successful and there has been such strong interest from leading institutional investors.

"This is an exciting milestone for Keywords Studios as an AIM admission will provide us with the right platform from which to build on our success to date, by extending our service offering and geographical footprint, both organically and by acquisition," he said.

Dialogue

Numis is acting as financial adviser and nominated adviser to the company and acted as sole book-runner on the placing. The placing has not been underwritten by Numis, however.

"We welcome our new shareholders as we embark on the next stage of our development and as we seek to take advantage of the high growth forecasted in the global video games industry," Mr Day added.

Keywords, which was set up in Leopardstown in 1998, takes a computer game that has been developed in one language, and translates dialogue and other parts of the game into other languages as required.

The company has tweaked some of the biggest gaming franchises of all time, including the 'Pro-Evolution Soccer' series and the 'Halo' role-playing games.

Keywords employs about 120 full-time staff in Leopardstown, swelling to more than 400 as projects require.

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