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LONDON - An internet start-up backed by Sir Richard Branson, that promises to transform the global computer games industry, is set to list in London with a $1.7 billion valuation.
Game Domain International, a start-up based in Germany, has created an online virtual world, similar to Second Life, that also allows subscribers to download the latest computer games.
Technology in the company's 3D computer-generated reality, called A World of My Own (AWOMO), allows PC users to buy, download and play the latest game titles without the need to visit a shop.
Virgin Games, a subsidiary of Virgin Group, has a 20 per cent stake in GDI, which is drawing up a prospectus before seeking a dual listing in London and Frankfurt.
Roger Walkden, the former European head of games giant Activision, has been appointed chief executive of GDI.
Simon Burridge, chief executive of Virgin Games, said: "We believe that AWOMO will do for PC games what iTunes has done for music."
The full commercial launch of AWOMO is scheduled for the end of the year with a flotation of GDI pencilled in for the first quarter of 2008.
The market capitalisation placed on the company by its investors will raise eyebrows in the City, despite soaring valuations for internet ventures.
- INDEPENDENT
