Art of a deal

What was the deal?

The dual-listing of Winking Studios on AIM in November 2024. It is a Singapore-headquartered computer game art design business, which has nine studios across Asia and more than 800 employees. Founded in 2004, Winking listed on the Catalist segment of the Singapore Exchange in November 2023. It then wanted a London listing and we were introduced to the management team by PrimePartners – one of Singapore’s leading investment banking advisory firms, with which we have a strategic alliance and which also serves as Winking’s adviser in Singapore.

What were the timescales?

We were formally engaged in April 2024, having met the company and management team several months earlier in Singapore, and the AIM listing completed seven months later, which is not an unusual time frame. That gave us time to fully understand the dynamics of the business. There is a significant amount of preparation for a London listing and Winking also had to continue running its business on a day-to-day basis.

How was the deal structured?

Winking had raised £4.7m through the Singapore IPO, and £10m in a follow-on raise. On admission to AIM, it raised a further £7.9m, which with existing cash resources was to be used for strategic acquisitions in Asia and Europe, and to help establish a stronger presence in North America. Acer, the software and hardware business, owns 60% of Winking – it had funded the business’s growth and supported the UK IPO. Rather than for just capital raising, the UK IPO was to broaden its shareholder base and get access to European and UK investors to support Winking’s future growth. The computer game artwork sector is well understood in the UK – Keywords Studios listed on AIM in 2013 with a market cap of £50m and was acquired by EQT in October 2024 for £2.4bn.

How will the business now develop?

Following its Singapore listing, Winking acquired art service studios in Taipei and Kuala Lumpur. It also established marketing and business development teams in North America. In January 2025, following the UK listing, it acquired Shanghai Mineloader Digital Technology for £16.3m.

Who were the advisers?

Strand Hanson acted as Winking’s financial and nominated adviser. Fieldfisher was our lawyer. SP Angel Corporate Finance was UK broker, PwC reporting accountant and CMS Cameron McKenna Winking’s UK law firm. In Singapore, PrimePartners was Winking’s financial adviser and Rajah & Tann its lawyer.

What were the challenges?

Roughly half of our 60 listed clients are, or have operations, overseas, meaning we are well versed in dealing with the intricacies of overseas businesses, and helping them navigate the UK market. Winking operates in a lot of different jurisdictions and has a Cayman Islands topco. Project-managing the transaction, with the language differences, tying up the Singapore market corporate governance practice with London market corporate governance and other jurisdictional differences, was an anticipated but manageable challenge. 

What were the lessons learned?

When we do deals in overseas markets like this one, or even UK markets, it’s about getting the right team and planning the transaction. We had the right calibre of advisers with the right experience, able to recognise the complications of the different jurisdictions and, crucially, with the required approach to getting a deal