Paris-based computer games manufacturer Cryo Interactive Entertainment debuts today on the Nouveau Marche, having completed an initial public offering that raised some FF50m ($8.9m) for the company in an operation that was vastly oversubscribed. Cryo issued a total of 650,000 new shares at FF75 ($13.38) each, according to finance director Francois Bernard. He said that the money raised would be put to three uses. First, the company intends to extend its distribution network, currently present in France and the UK, to Germany and the US. Second, the company will be developing its Cryo Online operation, whereby its products are delivered over the Internet, in which it has a number of major partners, including France Telecom. Third will be funding the development of new games. Bernard said that, in addition to the new shares issued, the IPO also included some 300,000 shares belonging to existing shareholders, so that, at the end of the IPO, some 32% of the company is on the stockmarket. The company had a loss of FF6m ($1.07m) on revenues of FF97m ($17.3m) in 1997, and for this year is predicting revenues of FF150m ($26.7m) with 5% profitability.
