David Beckham-backed Guild Esports has reportedly raised £20 million ($25.6 million) in its initial public offering. The IPO was launched ahead of the London Stock Exchange debut, scheduled for October 2.
Former England football legend Beckham is among the investors of the competitive gaming organisation.
Beckham, according to esportsobserver, will hold a 4.78% stake in Guild Esports. He will be the fourth-largest shareholder. The football icon will also look to use his star power to further aid the company’s development.
Around 40 per cent of the company’s shares were made available, with the new funding being used to recruit new players, invest in the Guild brand and expand the company’s activities.
Other investors in the company include Toro Consulting, Blue Star Capital, and Schroder Investment Management.
Commenting on the IPO, Blue Star chief executive Tony Fabrizi said, “The successful IPO of Guild is an excellent illustration of the potential upside from Blue Star’s esports portfolio.
“We believe Guild has an exciting future as a listed company and expect to see our portfolio deliver strong performance as the sector grows in strength.”
Guild initially plans to compete in Fortnite, CS:Go, Rocket League and FIFA, while it is looking to generate revenue through tournament winnings, digital marketing opportunities, sponsorship, membership, merchandise and promotional tours and events.