Devolver Digital is going private after its share price fell 91% since its IPO

Devolver Digital

Devolver Digital has announced plans to delist from the AIM market on the London Stock Exchange, effectively taking the company private after a dismal four-year run as a publicly traded business. The indie publisher says the structure of public markets is fundamentally at odds with how games actually make money, and that staying listed no longer serves the company.

The details:

Devolver went public in November 2021 at a valuation of around $939.8 million. Its current market cap sits at roughly $46 million, a drop of more than 91%.
As reported by Game Developer, the company plans to cease trading on AIM on September 16, 2026, pending shareholder approval. Qualifying shareholders will receive a return of capital of up to $5 million as part of the process.
In a statement, Devolver cited a "valuation disconnect that does not take account of the lifetime and long-tail revenue delivery inherent in the video games business," arguing that indie publishing is not "readily compatible" with the kind of predictable, sequential growth that public markets expect.
The timing is striking: Devolver's June 2026 Trading Update showed revenue growth of more than 60% year-on-year, yet the share price still fell more than 25% following the company's 2024 annual results.
Going private is expected to save Devolver approximately $1.6 million per year in costs associated with maintaining its public listing.

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