Largest AIM IPO capital raise in 2018
We are pleased to announce that Liberum has successfully raised £185m in connection with the IPO of Codemasters (AIM: CDM). The shares were admitted to trading on 1 June 2018.
Codemasters is a video game developer and publisher, specialising in high quality racing games.
Headquartered in Southam, Warwickshire, the Group is one of the most recognised British gaming companies, with a 30 year track record of producing successful titles. The Group has approximately 500 full time employees and operates in three UK locations – Southam, Birmingham and Runcorn.
Liberum conducted a targeted investor pre-marketing exercise which delivered a number of quality cornerstone investors. The IPO research report helped position Codemasters attractively in a global peer group and the management roadshow resulted in a very high hit-rate of orders to meetings.
Liberum launched the IPO as a “fixed price offer” at a market capitalisation of £280m, having received strong valuation feedback from cornerstone investors. This helped generate early momentum in the bookbuild, and driven by the strength and quality of the institutional demand, resulted in the offering being up-sized from £150m to £185m.
Liberum acted as NOMAD and sole bookrunner on this IPO, and is retained as NOMAD and Sole Broker to the Company post Admission.
Investment Banking – Neil Patel, Cameron Duncan, William Hall
Research – Andy Bryant, Alex Schmidt
Sales – Julian Collett, Oliver Baxendale, Sebastian Fernandez, Lisa Tugwell, Gerard O’Doherty
Corporate Access – Marcio Remedios
Press Enquiries: Redleaf Polhill