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Online game developer Snail prices IPO at $5, the midpoint of the downwardly revised range
November 9, 2022

Snail, a developer and publisher of online multiplayer games for various platforms, raised $15 million by offering 3 million shares at $5, within the range of $4 to $6. The company originally planned to offer 5 million shares at a range of $5 to $7 before lowering the terms last month.

Snail is an independent developer and publisher of interactive digital entertainment, with a portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. The company states that its flagship franchise, ARK: Survival Evolved, is a leader within the sandbox survival genre with over 76.9 million console and PC installs through June 30, 2022. Its top operators by leased acreage include EQT, Antero Resources, Southwestern Energy, CNX, Ascent Resources, Encino, and Gulfport Energy.

Snail plans to list on the Nasdaq under the symbol SNAL. Tiger Brokers and EF Hutton acted as joint bookrunners on the deal.