(MENAFN- ProactiveInvestors) Virtual gaming company Gfinity (LON:GFIN) blasted its way onto London’s AIM market today with its shares notching up a 50% rise in early dealings.
Set up in 2012 the firm stages video gaming tournaments watched by thousands of paying fans and is the first UK company in the fast-growing online electronic sports (eSports) space to list.
Players and teams from around the world to compete playing games such as Call Of Duty and Fifa.
It’s a market that has already seen rapid growth in the US and South Korea but founder and chief executive Neville Upton is hoping to bring the phenomenon to the UK.
Gfinity raised £3.5mln before costs through a placing at 17p prior to the IPO giving the Kingston-based company a market value of £13mln.
“The listing will not only enhance our credibility and profile but enable us to capitalise on the growth in eSports” said Upton who holds a 20% stake.
Former England rugby captain Lawrence Dallaglio has 1%.
The firm launched a new tournament platform in June and has already got over 270000 people registered with 30000 new subscribers a month.
The money from the float will build an eSports Arena the first ever in the UK and allow it to provide competitions on a regular basis.
There are only two other major global providers of eSports: MLG in the US and ESL in Germany.
Shares were trading at 25.25p shortly after dealings got underway.
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