UK retailer Game Digital aims for $600 mln share listing, say sources-Reuters

(Reuters) – Video games retailer, Game Digital (IPO-GAME.L) is to be valued at up to 360 million pounds ($603.13 million) in its London share flotation, sources familiar with the matter told Reuters on Thursday.

The video games chain, which has 560 stores across the UK and Spain has set its price range for its initial public offering at 200-212 pence a share, the sources said.

The price range gives Game Digital, which has been owned by U.S. hedge fund Elliott Advisors since it bought the UK and Spain businesses out of administration in 2012, an equity value of 340-360 million pounds. Books are already covered ahead of its pricing on Friday, the sources said.

The listing will test what appetite remains for new share offerings by British retail companies. A string of firms from Poundland to Pets at Home have already floated this year, but niche clothing chain Fat Face pulled its planned 110 million-pound offer.

Game Digital declined to comment. Cannacord Genuity is acting as financial adviser and joint bookrunner alongside HSBC and Liberum.