Thunderful Group To Go Public Valued at Nearly $400m

Published: November 17, 2020 9:01 AM /


The Gunk, a game developed by Image and Form, a company Thunderful Games owns

Swedish holding company Thunderful Group is to go public with its shares. It's understood the company, which comprises a video game wing and a distribution arm, will apply for a NASDAQ listing in order to generate proceeds of around $90 million.

What does Thunderful Group going public mean?

Thunderful's move to the public sphere, according to, will theoretically mean more funding for acquisitions, projects, and repayments of shareholder loans. The listing is expected to raise around $90 million (750 million Swedish krona), not counting transaction costs, and will enable members of the public to purchase and hold shares in Thunderful. This move is also expected to bring in more investor interest, with several third-party outfits already lining up to acquire around $70 million worth of shares. Thunderful as a whole is valued at around $395 million.

On Thunderful's part, the company expects the listing will be favorable for its business interests as it will "increase awareness among customers" and other potential acquisition targets, according to an official announcement. Thunderful CEO Brjann Sigurgeirsson says it will be "exciting" to offer new shareholders the chance to invest in Thunderful's projects. Owner Owe Bergsten reassures gamers that Thunderful's "common goal", which he says is to provide high-quality entertainment products, will "remain central" after the listing goes live.

What is Thunderful Group?

SteamWorld Heist, developed by Thunderful Group-owned Image and Form
Image and Form, developer of the SteamWorld franchise, is part of Thunderful Group.

Formed back in 2018, Thunderful Group was originally a merger between SteamWorld developers Image and Form and Fe developer Zoink. Since then, Thunderful Group has grown to encapsulate a number of other studios including UK-based publisher Rising Star Games and Jurassic World: Aftermath developer Coatsink. Thunderful also has a distribution arm, Thunderful Distribution, which includes indie distributors Bergsala, Amo Toys, and Nordic Game Supply. Thunderful Distribution is perhaps best-known for distributing and selling Nintendo-related products and accessories, with Bergsala being the only Nintendo distributor in Sweden. 

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Joe has been writing for TechRaptor for five years, and in those five years has learned a lot about the gaming industry and its foibles. He’s originally an… More about Joseph