Gaming Services Group, Winking Studios, rises on AIM dual-listing debut in London on 14 November 2024

Winking Studios Ltd saw its share price rise on Thursday, as it started trading on London's junior market.

The Singapore-based video-game services firm backed by Taiwan's Acer Inc announced the admission of its shares to AIM two weeks after revealing its plans for an initial public offering.

Its shares were trading up 12% at 16.75 pence from its IPO price of 15p on Thursday morning in London. Winking already was listed in Singapore, where it closed flat at SDG0.29, or 17.00p, on Thursday.

This follows a share placing on Monday that raised GBP7.9 million at 15p per share, giving Winking a GBP66.1 million opening market capitalisation.

Winking issued 52.7 million new shares, with Acer's 62.6% holding prior to the IPO rising to 64.2% as subsidiary Acer Gaming Inc bought 40 million of the new shares.

Winking Chief Executive Officer Johnny Jan and Chief Financial Officer Oliver Yen also took part in the placing, with Jan's new holding sitting at 5.5% and Yen's at 0.6%.

Winking previously said that the funds raised from the dual listing will bolster its existing cash resources of USD30 million, with the proceeds allocated towards establishing a stronger presence in Europe and North America, enhancing its operational capabilities, and pursuing strategic acquisitions and joint ventures in Asia and Europe.

Winking was already listed on the Catalist board of the Singapore stock exchange, so its AIM IPO gives it a dual listing.

Winking Studios Chief Executive Johnny Jan said:"Dual Listing on AIM is a significant milestone in our 20-year history and I believe will serve as a powerful catalyst in our mission to become a global leader in video game art services.

"A London listing opens up a wealth of new opportunities, granting us access to a large pool of technology investors well-informed on the sector while enhancing our ability to expand our footprint and grow our client base across Europe and the Americas."