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Just last month we wrote about Next Games and their then pending IPO. Today, the developers of The Walking Dead: No Man's Land are the first Finnish games company to offer an IPO. Furthermore, the company has revealed that it was significantly oversubscribed.

The application was initially submitted on the 14th of March. As a result of the oversubscription Next Games discontinued both the public and personnel, as well as regular periods. The pricing was set yesterday at €7.90. This has given the company proceeds of around €32.8 million. This is over the €30m they were initially aiming for as well as giving the company a market capitalisation of around €143.5m.

Next Games - The Future

Next Games will certainly be happy with the oversubscription as well as the moves within the day. The stock eventually closed at €9.5. There was slow trade throughout the day, following the morning rush, with a large spike at around 3:30pm. The closing stock price gives Next Games a market cap of €171.5m.

Of the public and institutional offer, approximately 46% were purchased by Finnish institutional investors with a further 45% by international institutional investors with the final 9% being purchased by private individuals within Finland.

The company's CEO, Teemu Huuhtanen expresses just how pleased he is with the reception of the IPO by commenting, stating “I’m extremely pleased with the reception of our IPO both among the notableinstitutional investors in Finland and internationally, as well as the general public in Finland and our personnel". Of course, this also helps in their plans for the future.

As covered before, Next Games have two titles in development. The plans for the €30m, now €33m, were to fund and market these titles. In addition, licensing other successful IP's for future development. Furthermore, there are plans to expand the marketing and support of No Man's Land. This hasn't changed, as Teemu Huuhtanen also comments "The IPO gives Next Games the means to continue relentlesslyexecuting our growth strategy, developing new mobile gaming experiences based on the best entertainment IP’s in the world."

With the success of The Walking Dead: No Man's Land, the company has a good base to build from. Should they market the right IP and have yet another hit, the future is certainly bright. Certainly when you consider just how fast mobile gaming is growing.