Winking Studios

[weijian]

Winking Studios, IPO-ed on Catalist in Nov2023, raising net proceeds of ~5mil.

Now just 4 months later, it is doing a placement that is a few times larger to raise net proceeds of ~24mil. The natural question would be Why didn't it raise a bigger amount earlier?

This is especially so, as the substantial/controlling shareholder Acer Group added more shares together with public OPMIs during the Nov2023 IPO. And in the current fund raising exercise, it is raising new equity at prices ~25% higher than IPO which will also be fully covered by Acer Group.

PROPOSED PLACEMENT OF UP TO 108,000,000 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT THE PLACEMENT PRICE OF S$0.25 FOR EACH PLACEMENT SHARE

Pursuant to the Placement Agreement, the Company has agreed to offer, by way of placement, and the Placement Agent has agreed to procure subscribers on a best efforts basis for, an aggregate of up to 108,000,000 fully paid-up ordinary shares (the "Shares") in the capital of the Company (the "Placement Shares") at a placement price of S$0.25 for each Placement Share (the "Placement Price"), amounting to a maximum aggregate consideration of up to S$27,000,000 (the "Proposed Placement").

https://links.sgx.com/FileOpen/Winking%2...eID=795679

[weijian]

When the news first came out in April2024 of Winking Studios' intention to list on LSE AIM (SGX Catalist equivalent), it was meant to be a secondary listing. Eventually, it is now a dual listing which means that there will be additional scrutiny (further pair of eyes) into the business.

It does make sense for Winking Studios to get listed/raise money in a different geography/time zone, if its intention was always a dual listing for a start. But I think the valid question is after raising net proceeds of 24mil in April via a secondary placement on SGX, why didn't it continue to do so on the same local bourse if it needs additional funds? There are 2 sets of rules to follow and hence more complexity and costs for a dual listing.

Finally, I am surprised to see that Winking Studios' share price is up 50% since IPO. Sustainable or not I am not sure, but I am pretty sure such un-boring opportunities are always available on the "boring SGX".

LSE AIM Dual Listing

Share price growth since SGX listing: 50%

https://links.sgx.com/FileOpen/Winking%2...eID=818936

[weijian]

In Nov2024, Winking Studios dual listed on LSE AIMS market. In the dual listing, it raised ~7.9mil pounds gross proceeds via placement with the majority (close to 80%) again taken up by its biggest shareholder Acer Group again.

Since then, Winking Studios has started to come up with pretty specific guidance inclusive of numbers.

FY2025 Trading Update

Winking Studios expects to report a revenue increase of at least 40% as compared to financial year ended 31 December 2024’s (“FY2024”) revenue of US$31.9m, which is marginally higher than current market expectations1 (based on a preliminary review of the Group’s unaudited financial statements announced todate for FY2025). Shanghai Mineloader Digital Technology Co., Ltd. ("Mineloader"), acquired in April 2025, was a significant driver of the improved revenue performance, alongside mid-to-high single-digit organic growth from our other studios.

The Group’s Adjusted EBITDA2 for FY20253 is expected to be higher by a range of between 7% to 13% than FY20244’s Adjusted EBITDA of US$4.8m

As at 31 December 2025, the Group’s indicative artist bookings have totalled at least US$48.6 million over the next 24 months (subject to final confirmation from customers). Of this, approximately US$34.6 million is expected to be recognised in FY2026 as revenue.

https://links.sgx.com/FileOpen/Winking%2...eID=873593