7Levels launches IPO

Video games producer 7Levels launched its IPO for 85k shares with the maximum price set at PLN 75 apiece. The company will be listed on the small-cap, alternative NewConnect market. Subscriptions will last till October 24. The overall value of the offer could reach PLN 6.4 million, and the company’s valuation could exceed PLN 39 million. The issue included 25k new shares, with the remainder being sold by one of the company’s shareholders – Blite Fund. “We need money for the marketing of our Castle of Heart game, an increase in the production team, and the initial stage of work on the next title we want to launch in November,” said Krzysztof Król, the company's vice president. Castle of Heart will be released on the Nintendo Switch portable game system. 7Levels expects that its marketing will cost PLN 500k, while the development of the game is expected to cost PLN 1 million.