Video games group PulluP Entertainment has raised nearly 23.1 million euros in a capital increase that saw new shareholders join the company.

The capital increase was oversubscribed, with total demand of over 23.4 million euros, representing around 134% of the offering amount, PulluP said in a press release.

The subscription price of the new shares to be issued was set at 11.30 euros per share, representing a discount of over 3% compared with the day before the offer was announced.

Geoffroy Sardin, the Group's Chief Operating Officer, became a shareholder on the occasion of the operation.

The net proceeds of the offer will be used 50%, or 11.26 million euros, to reduce net debt, and 50%, or 11.26 million euros, for development opportunities.

With the implementation of a new organization, PulluP expects sustained growth in sales and profitability over the 2024/2025 financial year, thanks to both the strength of its back-catalogue (existing titles) and its new games, including the eagerly-awaited 'Warhammer 40,000: Space Marine 2'.

Listed on the Paris Bourse, the share price fell by 0.4% following these announcements.

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