Snail, a developer and publisher of online multiplayer games for various platforms, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Culver City, CA-based company now plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. The company had previously filed to offer 5 million shares at a range of $5 to $7. At the midpoint of the revised range, Snail will raise -50% less in proceeds than previously anticipated.
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.
