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Bermuda-based video game creator RoyaLand files and sets terms for a $7 million US IPO

June 30, 2023

RoyaLand, a Bermuda-based video game creator, filed on Friday with the SEC to raise up to $7 million in an initial public offering.

The Hamilton, Bermuda-based company plans to raise $7 million by offering 1.3 million shares at a price range of $5 to $6. At the midpoint of the proposed range, RoyaLand would command a market value of $77 million. 

The company is currently in the development phase for its royalty-themed video game, TheRoyal.Land. Once completed, players will be able to select from characters filling a variety of roles such as artisans, knights, and princes with each role will holding specific purposes, abilities, skills, and adventures. The company has completed the storyboard and is in the process of assembling its design and production team. It is also in negotiations with game development companies to contract the game design and development. The expected cost to ready the game for beta version release is approximately $3 to $5 million.

RoyaLand was founded in 2022 and plans to list on the Nasdaq under the symbol RLND. Revere Securities is the sole bookrunner on the deal.