Gaming IPOs Through the Years: Platform Shifts and Regional Growth Explored

Gaming IPOs Through

the Years:

Platform Shifts and

Regional Growth Explored

#4

FEATURE BY

ESPORTS&HARDWAREx

2

FEATURE BY GDEV

PUBLICLY TRADED VIDEO GAME COMPANIES

GAMING ECOSYSTEM

ADTECH

87

GAMING CONTENT

(DEVELOPERS & PUBLISHERS)

$
100
M+

MAX MARKET CAP

(EVER REACHED SINCE IPO)

ACTIVE PUBLIC COMPANIES

(select examples)

The analysis considers game developers & publishers and excludes public comps within the broader gaming ecosystem.

DELISTED COMPANIES

(previously traded)

ESPORTS

HARDWARE

PLATFORMS & OTHER

OUTSOURCING

Note: Logos represent examples of publicly traded companies in a select category

3

FEATURE BY GDEV

HISTORY OF VIDEO GAME COMPANIES LISTINGS

Note: Logos represent examples of companies listed during selected period

Roughly half of all publicly traded video game companies have been listed in the last decade (2014—2024 YTD).

IPO activity has stalled since 2022, with Shift Up being the only new listing.

Note: Companies that were delisted or taken private through M&A are excluded from the analysis for periods following their delisting

DISTRIBUTION OF PUBLIC VIDEO GAME STOCKS BY REGIONAL HEADQUARTERS

4

FEATURE BY GDEV

Asia remains the major hub for public gaming companies, gradually growing since 2020, while Europe has doubled in a

number of listings over the last decade. North America remained a relatively niche HQ region for public peers.

5

FEATURE BY GDEV

DISTRIBUTION OF PUBLIC VIDEO GAME STOCKS BY CORE PLATFORM

Note: Companies that were acquired in M&A transactions or were taken private are excluded for the period following the deal.

Companies with multiple segments (e.g., Mobile and PC & Console) are categorized as Diversified only after the moment of diversification

PC&Console companies historically dominated the public scene, but mobile took the lead after the introduction of IAP in

mobile stores. Diversified companies emerged as established PC&Console players expanded into the mobile space.

WORLDWIDE GAMING STOCKS’ TOTAL MARKET CAP ($B)

The market capitalization of public video game stocks tripled over the last decade, showing unprecedented growth

compared to 2004-2014. Asia continues to dominate the scene, while North America is gaining market share.

6

FEATURE BY GDEV

Note: Market cap was taken as of the year’s last trading day. Companies that were acquired in M&A transactions or taken

private are excluded from the periods starting in the years of the deal

North American and Western European companies are mainly (80%+) represented by small-cap stocks (<$1B market cap),

whereas Asian peers have much wider coverage, with small-cap accounting for only ~40%.

7

FEATURE BY GDEV

Note: Companies that were acquired in M&A transactions or were taken private are excluded for periods following the deal

MARKET CAP DISTRIBUTION

MARKET CAP DISTRIBUTION (ASIA)

8

FEATURE BY GDEV

The median time for companies to go public is nine years, with most IPOs occurring between 4 and 10 years after founding.

Mobile companies reach public markets faster, with a median of 8 years compared to 12 years for PC & Console. peers.

AGE DISTRIBUTION BY THE TIME OF IPO

Note: Logos represent examples of publicly traded companies in a select category

9

FEATURE BY GDEV

The gaming market is slowly maturing, as the majority of public companies are older than twenty years. Asian players are

generally older (28 years) vs. other global peers (23 years).

Note: Logos represent examples of publicly traded companies in a selected category

PUBLIC COMPANIES AGE DISTRIBUTION