Immotion, the VR start-up based in Manchester, UK, is set to go public and hopes to raise £5.75m in funding.
The Daily Telegraph reported that the out-of-home VR creator expects a market capitalisation of approximately £20m with shares trading near the 10p mark when it joins London’s junior stock market.
The company will go public today on London’s junior stock market, Aim. It expects a market capitalisation of around £20m, and expects its shares to trade around 10p.
Immotion’s chief executive Martin Higginson said that his company is going public because the founders have previously floated companies on Aim.
The VR experiences that Immotion develop are designed to very affordable to the mass market, according to Higginson. The company has realistic, achievable goals given the size of some of the other players in the industry such as Facebook and Microsoft.
Immotion was formed last year from the merger of Studio Liddell, a Manchester-based CGI studio, and C2K, a Los Angeles based filmmaker. It currently employs over 60 people based in four cities globally, with other offices in Dubai and Tokyo. The company is planning to expand further into Europe and North America with the fresh funding.