Finnish developer Remedy Entertainment is planning an initial public offering (IPO) on the Nasdaq First North Finland stock exchange in order to gain “a stronger value chain position” in the video games industry.
GamesIndustry reports that Remedy plans to go public in June, and that the sale of public shares is part of a plan to “execute Remedy’s growth strategy and cover the company’s development and commercialisation expenses.”
“We’re developing our business in line with our strategy towards a multi-project model, which helps us release high-quality games to the global market more often,” Remedy CEO Tero Virtala said. “Our goal is to be one of most renowned game companies in the world.”
Perhaps the biggest reason for the IPO is to keep Remedy in control of its own IP. Two of Remedy’s biggest franchises, Alan Wake and Quantum Break, have been published by Microsoft Game Studios, limiting what the developer can do with the content. Another of Remedy’s IPs, Max Payne, was acquired by Take-Two back in 2002.
We’ll have more on Remedy’s IPO as it becomes available.