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Solid Clouds’ share offering will begin next week

The share offering of the Icelandic video game company Solid Clouds starts next Monday at 10 am and will run until 4 pm on Wednesday 30 June. Arion Bank will handle the offering, but the company will be listed on the First North market.

Solid Clouds develops a technology base that can be used to produce multiplayer video games and produces its own games. Last year, the company’s first game, Starborne: Sovereign Space, was released and is a strategy game set in space.

The offer price of the shares will be ISK 12.5 and there will be two subscription options available to investors; A- and B-way. They are different in terms of subscription size, but the A-route is available for those who want to invest ISK 100,000 to ISK 15 million, while the B-route is available for those who want to invest in higher amounts.

A total of 40 million shares will be sold in the share offering, but the company is authorized to increase the offering by 18 million shares, according to an announcement from Arion Bank. In total, it is authorized to sell about 58 million shares.

Those who have a tax domicile in Iceland and go to subscription book A for a minimum of 300 thousand meet the conditions for deduction from their income tax and capital income tax base for up to 75 percent of the investment. However, this is provided that they own the shares for a minimum of three years.

The video game Starborne got off to a good start, with around 400,000 people from 150 countries downloading it. Solid Clouds was founded in 2013 by Stefan Gunnarsson, Stefan Bjornsson and Sigurdur Arnljotsson, former CEO of CCP.

The company’s next game is due out next year.

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