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Devolver Digital, Inc. float on AIM with a valuation of $950 million

November 2021

Devolver digital logo


Devolver is an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie ‘Publisher of the Year 2021’ by, Devolver has one of the most recognisable labels in the indie market and is the highest rated indie publisher of scale on Metacritic. Built over a decade by highly experienced industry veterans with deep, wide-ranging relationships in the gaming sector, Devolver has a back catalogue of approximately 90 games, including a number of indie cult classics.

Devolver was formed in 2008 as a digital-only developer-first publisher, which principally released titles on PC via Steam. The Group initially published a number of titles in the Serious Sam series, a franchise whose first games had been co-published by G.O.D. Games. Working with original developer Croteam and other small studios, Devolver successfully published several Serious Sam titles for release on PC and mobile.

Devolver has grown its operations and now owns five development studios, including two based in the United Kingdom, and a complementary video games publisher, Good Shepherd. As a digital-first brand, Devolver has historically operated a decentralised model and currently has approximately 200 team members spread across the globe. Operating locations include UK, North America, South America, Europe, Asia-Pacific and Africa, including subsidiaries in the UK, Netherlands, Croatia, USA and Poland. Devolver is a US incorporated business.


Admission to Trading on AIM

The largest US-based Company ever to join the London Stock Exchange across all markets. On 4th November 2021, admission and dealings commenced by way of a Placing of 21,288,428 New Placing Shares and 98,292,740 Sale Shares at 157 pence per Share giving a valuation of £694,343,044, making it the largest US-based Company ever to join the London Stock Exchange across all markets and the second largest AIM IPO ever.

The Perivan shareholder communications team were delighted to work with Zeus Capital who were appointed as Nominated Adviser and Sole Bookrunner to Devolver, on the successful publication of the 183 – page admission document.


Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.


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