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Green Man Gaming plans IPO in London

Green Man Gaming Ltd. plans to float its shares on the London Stock Exchange's alternative investment market, or AIM, by late September.

The U.K.-based online video games retailer said in a Sept. 4 filing that it will become a unit of a newly incorporated public company through the IPO. It is targeting a free float "considerably above" 25% of its existing share capital to provide existing shareholders a chance to sell some of their shares.

Green Man Gaming recorded revenue of £47.5 million in the fiscal year ended Dec. 31, 2017, according to the filing. Its namesake portal manages a catalog of over 6,000 games across 195 countries and has one million active customers out of 4.7 million registered users.

The company said the IPO will enable it to grow its customer base through investments in both performance marketing and branding, to raise the total number of registered accounts as well as the proportion of active users. It also expects to increase the average spend per customer.

In addition, Green Man Gaming expects the offering to fund potential acquisitions in the technology, data or content sectors, or help the company purchase a specialist gaming platform that has customer bases in new markets.

"We see a huge opportunity for an agile, data-driven company like Green Man Gaming on the public markets, enhancing our ability to offer customers and business partners a leading edge ecosystem for the next generation of gamers," CEO Paul Sulyok said in a statement.

The company forecasts an EBITDA margin of 3% in the medium term and plans to continue growing revenue by at least 25% every year.

A prospectus containing additional details of the public offering will be released soon, Green Man Gaming said.