Malaysian art studio behind The Last of Us, Spider-Man games plans IPO - sources

SQUARE ENIX HOLDINGS

12/07/2023 09:06

By Yantoultra Ngui
       SINGAPORE, July 12 (Reuters) - Lemon Sky Studios, the
Malaysian art and animation company involved in videogames such
as Square Enix's  9684.T  "Final Fantasy XVI" and Marvel's
Spider-Man game titles, is planning to list on the local stock
exchange as early as 2023-end or 2024, two sources said. 
    Reuters could not immediately ascertain the potential size
of the initial public offering (IPO) and the current valuation
of Selangor-based Lemon Sky, which is also known for its work on
Naughty Dog's The Last of Us Part I and II as well as Capcom's
 9697.T  "Street Fighter 6".    
    Australia-listed game developer iCandy Interactive  ICI.AX 
bought Lemon Sky for A$44.5 million ($30 million) in 2021.  
    Lemon Sky and iCandy did not immediately respond to requests
seeking comment.
    IPO proceeds from the listing will be used to expand Lemon
Sky's business further, the sources said, declining to be named
as the matter is private.    
    Founded in 2006, Lemon Sky has grown to now employ over 500
artists and counts major global game titles such as Blizzard
Entertainment's "Diablo II: Resurrected" and "Warcraft 3:
Reforged" among its portfolio, according to its website. 
    Its clients and partners include EA Entertainment, Microsoft
Studios  MSFT.O , Disney  DIS.N , Nickelodeon and Bandai Namco
 7832.T . 

($1 = 1.4963 Australian dollars)

 (Reporting by Yantoultra Ngui; Editing by Devika Syamnath)
 ((Yantoultra.Ngui@thomsonreuters.com;))