Frontier Developments, currently working on Elite: Dangerous, are taking their business to the small businesses section of the London Stock Exchange AIM. The company is set to begin trade on July 15, with a stock price of 127p (£39.4 million), following successful pre-IPO fundraising. The company currently sits in a favourable financial position with no debt and £7.2 million of cash as of May 31.
David Braben, CEO of Frontier Development, released the following statement.
"We are very excited to be listing our Company at a time of such strong momentum in the business and the sector. This placing of Frontier shares, combined with our recent oversubscribed funding round, is a strong endorsement both of the opportunities we have identified, and our team's ability to deliver on the next round of enhancements to our business to make the most of those opportunities. It gives us the necessary financial impetus to continue operating at the forefront of the continually evolving and expanding global games market."
In paralell with Elite: Dangerous development Frontier will work on making key features of their in-house Cobra Technology available to outside parties through licensing.
Frontier Developments have worked on games like Lost Winds, Kinectimals, Kinect Disneyland Adventures, Coaster Crazy, in addition to the famed Elite series. Elite: Dangerous achieved £1.5 million in Kickstarter backing, and this expected injection of capital is good news for backers as it means further resources to develop said game.