Snail, a developer and publisher of multi-platform games, announced terms for its IPO on Monday. The company originally filed with the SEC in September but indicated that it planned to raise less than $5 million, so it was ineligible for tracking by Renaissance Capital.
The Culver City, CA-based company plans to raise $30 million by offering 5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Snail would command a market value of $300 million.
Snail is an independent developer and publisher of interactive digital entertainment, with a portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. The company states that its flagship franchise, ARK: Survival Evolved, is a leader within the sandbox survival genre with over 76.9 million console and PC installs through June 30, 2022.
Snail was founded in 2009 and booked $91 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol SNAL. Tiger Brokers and EF Hutton are the joint bookrunners on the deal.
