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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