this post was submitted on 10 Aug 2026
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I don't see any mistake in Devolver putting out an IPO.
I assume that when the founders started the company, they were not ultra rich and had to take investor money in order to get their first couple games to market. They likely hired people at below market rates in exchange for equity.
Once the company became self sustaining and profitable, those people started asking about how they could turn the promises of equity into actual money. The easiest way was to IPO. Hopefully, the founders sold a bunch of stock when the company was at $250 per share.
Now the stock is at $7.50 per share and the founders can buy back all the stock they sold and all the stock they gave away in leu of payments. If they did it right, they now have complete control of the company and a pile of cash, all at the expense of the investors who bought in at the public offering.