The company raised RON4.93 million in the private placement, which was oversubscribed 3.6 times.
The game developer estimates a stock market capitalization of around EUR4 million based on share prices offered under the private placement.
Firebyte Games was founded in 2018, is based in Cluj-Napoca, and in the past years developed and launched 45 mobile games. It plans to develop its two business lines – developing games for external partners in a “share revenue” agreement and Developing and publishing casual games.
“We operate in an expanding global market with average annual growth rates of over 14% in the past five years, a dynamic set to continue in the next period. I am confident the decision to list the company on the Bucharest Stock Exchange is the most appropriate for our goals to be reached in the shortest possible time-frame,” said Ovidiu Stegaru, CEO of Firebyte Games.
For the next 12 months, the company plans to enhance its development teams in share revenue partnerships to 20 people from six at present.