Guild Esports made its debut on the London Stock Exchange Friday, dropping by around 10% in the first few hours of trading. The stock was trading at 7.5 pence (.09 USD) at 9:44 a.m. local time in London, down from its opening price of 8 pence (.10).
Guild raised approximately £20M (roughly $26M) at a valuation of £50M ($65M) for its initial public offering Wednesday. The IPO was underwritten by joint brokers Zeus Capital and Mirabaud Securities, and consisted of 250M shares sold at 8 pence per share.
Much of the interest in Guild is related to the minority investment of David Beckham, former soccer player and owner of the Major League Soccer (MLS) expansion team Inter Miami CF owner. In June, he and his wife Victoria Beckham acquired “a significant minority stake” (6.5%) in the company through his investment vehicle, DB Ventures, as part of a £5M ($6.5M) private funding round. Beckham’s involvement in the organization is by “name only” as of this writing.
Guild’s current operations include a Rocket League squad and FIFA player Niklas “NRaseck” Raseck, but the company claims that it will use the investment to grow its brand, and hire more talent to build out other teams in a variety of esports.