Devolver Digital, the indie game publisher behind Hotline Miami and Baby Steps, is seeking to delist from the London Stock Exchange's Alternative Investment Market (AIM) and return to private ownership. The company cites a severe 'valuation disconnect' — its share price has collapsed 91% since its 2021 IPO at $939.8 million, leaving it valued at roughly $46 million today. Devolver argues that the unpredictable, long-tail revenue nature of indie game publishing is fundamentally incompatible with public markets' demand for predictable sequential growth. Going private is expected to save $1.6 million annually in AIM-related costs. If shareholders approve, the delisting is expected to complete on September 16, 2026, with up to $5 million returned to qualifying shareholders.
