Game developer targets London for dual listing to expand Western reach

Winking Studios, a Singapore-based game development giant, has announced plans to list on the London Stock Exchange’s AIM market, as it looks to strengthen its foothold in Western markets.

Already listed on Singapore’s Catalist board, Winking says the dual listing will allow it to tap into the UK’s capital-rich tech investor pool and drive growth in the “fast-growing industry”.

Founded in 2004 by chief executive Johnny Jan, Winking Studios has grown into a powerhouse in game art outsourcing, ranking third in Asia and fourth globally in revenue. 

With nine offices across Asia and collaborations with 22 of the world’s top 25 game developers, including Ubisoft, EA, Activision and Tencent, the company has contributed to major titles like FIFA, Call of Duty and Assassin’s Creed.

“London feels like the obvious choice,” Jan said, “as it gives us a foothold in a market known for its deep understanding of the global gaming industry and support for ambitious international firms like Winking Studios.”

He continued: “We believe Winking Studios has a significant opportunity to expand its presence globally, and dual listing on AIM will further support our global ambitions and position us to accelerate growth.

“Operating in a fast-growing industry, with a proven track record of delivery and relationships with the majority of the world’s biggest game developers, we plan to build on our success to date and capitalise on the fragmented nature of the industry landscape to drive future growth,” added Jan.

In addition to leveraging its existing cash reserves of over $30m (£23.1m), Winking will use the capital raised through the AIM listing for a number of plans: expanding its presence in Europe and North America, establishing a UK regional hub, and pursuing acquisitions of smaller studios in these regions.

It also wants to boost its AI capabilities to stay competitive in the gaming sector.

The news follows the recent delisting of British video game developer Keywords Studios from AIM after it accepted a take-private offer of £2.2bn.

Earlier this week, it emerged that the number of AIM companies has dropped below 700 for the first time since 2001, as London’s junior market languished amid speculation that the Chancellor might abolish a key tax relief for AIM shares in her Autumn Budget.

But the government said yesterday it would only partly scrap a key inheritance tax break for shares on the exchange, giving stocks their biggest single day bump in four years.