When Keywords Studios went public on London’s junior Aim market in July 2013, the company was valued at just shy of £50 million.
The tiddler stock had a strong debut, raising £28 million in its initial public offering, with Andrew Day, then chief executive, hailing the participation of blue chip institutional investors as a validation of the company’s growth story.
Yet even Day might have found it hard to imagine where Keywords would be 11 years later.
The company’s pitch to investors back in 2013 was that it would play a leading role in the consolidation of a highly fragmented games services industry by acquiring complementary businesses.
After acquiring more than 60 companies over a decade and achieving a 6 per cent market share, Keywords
