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New Listing of Purple Ray Studio on NewConnect

Purple Ray Studio, an independent video game creator and developer, has been newly listed on NewConnect with an issue of series C and D shares with a total value of PLN 4.9 million. Purple Ray Studio is the eighth company newly listed on NewConnect in 2025 and the 357^th listing in the history of NewConnect.

Purple Ray Studio has completed two share issues in a public offering, comprising a total of 154,545 series C shares and 290,909 series D shares. The issue price was PLN 11 per share and the Company raised a total of PLN 4.9 million. The funds raised will be used to implement strategic projects, including proprietary video game productions and the development of the simulation and 3D visualisation technology segment for professional applications. INC is the Company’s authorised advisor

“We welcome Purple Ray Studio to the trading floor as a new listing on NewConnect. The company operates in the gaming industry and its history is quite short, beginning with a great success in an industry competition. The company is considering diversifying its revenues, which is why it is looking for opportunities in other areas, such as work-for-hire and dual-use. We wish you the best of luck and every success in achieving your goals,” said Agnieszka Góral, Deputy Director of the Listing Department of the Warsaw Stock Exchange.

Purple Ray Studio is an independent development studio which specialises in the creation of innovative video games combining creativity with the latest technologies. The company offers products for the entertainment industry and the industrial and defence sectors, including drone systems. The Issuer’s history dates back to 2021, when the limited liability company Purple Ray Studio sp. z o.o. was established, later transformed into a joint-stock company in 2024.

Purple Ray Studio goes beyond traditional game production and develops simulation technologies and 3D visualisations for professional applications. To achieve revenue diversification, the company implements commissioned projects, including animations, 3D elements, software fragments, and sound design. Purple Ray Studio offers licences for its proprietary module for the Unreal Engine and provides sound for game interfaces. Furthermore, Purple Ray Studio develops dual-use technologies based on its experience from work-for-hire projects. With its expertise, the company creates solutions for the entertainment, industrial, and defence sectors. The issuer takes steps to enter new markets and develop cooperation in the B2B model, which is part of its business diversification strategy.

“Today’s new listing of Purple Ray Studio is another step in the development of our company, especially as a joint-stock company, as well as confirmation of our investors’ expectations. The core of our business is based on the implementation of proprietary gaming projects but we also have two additional pillars of activity. We support other studios in a work-for-hire model, assisting other companies with our capabilities. Purple Ray Studio is actively entering the dual-use technology market, where we are transforming our gaming experience into solutions used in the defence industry, the drone industry, and other industries. We are delighted that we have been newly listed on NewConnect,” said Robert Baranowski, President of the Management Board of Purple Ray Studio.

NewConnect remains a key platform for innovative and growing companies and offers flexible opportunities to raise capital and increase visibility among investors. Purple Ray Studio’s new listing follows this trend and confirms the growing interest of investors in companies from the gamedev and interactive technologies sector.

Key information

* based on the reference price of PLN 11 equal to the issue price of series C and D shares

Issuer’s history and business

The Issuer’s history dates back to 2021, when the limited liability company Purple Ray Studio sp. z o.o. was established. Purple Ray Studio sp. z o.o. was transformed into the joint-stock company Purple Ray Studio S.A. in 2024. The inception of the Issuer as a limited liability company was preceded by a significant success: winning first place in the Epic MegaJam competition and a special award for the platform game “Boti: Byteland Overclocked”. Organised regularly by Epic Games, one of the global giants of the gaming market, the competition is open for games inspired by each edition’s leading theme. The founders of Purple Ray Studio sp. z o.o. were Gravier Investment ASI and six individuals. The game “Boti: Byteland Overclocked” was released in September 2023. Approximately 62,000 copies of the game were sold (PC and consoles) by 30 September 2025, generating approximately PLN 890,000 in revenue for the Issuer since the release, with a production budget of PLN 3.5 million, 100% financed by the Issuer.

The Issuer is an independent development studio. The Issuer’s team is focusing its efforts on the production of a new title under the working name “Nightmare”, which is scheduled for release at the turn of 2026 and 2027. The Company estimates that the production and marketing budget for the game will amount to PLN 7 million. As at 30 September 2025, the Company incurred expenditure of approximately PLN 3.5 million, and the game was 45% complete. The Issuer intends to cover the production costs of the game with funds received from the publisher (as at the date of the information document, discussions are underway with several entities), from its own funds generated from the sale of the game “Boti: Byteland Overclocked”, and from work-for-hire orders.

In order to diversify its sources of revenue, the Company is developing additional activities in the form of work-for-hire for third parties. Under such orders, the Company prepares animation sets, 3D elements, and independent software fragments, among others. The Issuer provides sound for animations, grants a paid licence to use its proprietary module for the Unreal Engine, and provides sound for the player interface.

As at 30 June 2025, Purple Ray Studio S.A. employed and cooperated with 16 people, including 11 under a contract for specific work and 5 under a B2B contract.

The Company’s share capital amounts to PLN 398,279.4 and is divided into 3,982,794 series A to D shares with a nominal value of PLN 0.1 each, including:

• 2,516,000 series A ordinary bearer shares,
• 1,020,000 series B ordinary bearer shares,
• 153,448 series C ordinary bearer shares
• 293,346 series D ordinary bearer shares.

Series A and B shares were issued in the process of the Issuer’s transformation into a joint-stock company in 2024.

Series C shares were issued under a resolution of the Issuer’s Extraordinary General Meeting of Shareholders of 29 January 2025 by way of a closed subscription addressed to 14 natural persons. The shares were taken up by 14 persons at an issue price of PLN 11 per share and paid for by bank transfer. The total value of the issue amounted to PLN 1,687,928.

Series D shares were issued under a resolution of the Issuer’s Extraordinary General Meeting of 29 January 2025 by way of an open subscription, in the form of a public offering (exemption from the obligation to prepare a prospectus/memorandum for offers below EUR 1 million).  247,891 shares were taken up by 66 natural persons not related to the Issuer for a total amount of over PLN 2.7 million and paid for in cash by bank transfer. 45,455 shares were taken up by Gravier Investment ASI S.A. (a significant shareholder). The shares acquired by Gravier Investment ASI S.A. were paid in full by mutual set-off of part of receivables arising from loan agreements. The issue price of series D shares was PLN 11 and the total value of the offer was PLN 3,226,806.

Lock-up agreements

Some of the shares covered by the application for introduction to trading were taken up at a price lower than PLN 11 per share (some of the series B shares, after conversion of shares in the limited liability company into shares in the joint-stock company). They are partially covered by lock-up agreements restricting the right to trade shares in the NewConnect ATS for a period of 12 months from the date of the new listing. The lock-up agreements applied to 111,000 series B shares covered by the application for introduction to trading and 10,000 series B shares not covered by the application for introduction to trading. The restriction on the transferability of the shares applies for a period of 12 months from the date of introduction of the shares to trading. In total, less than 9% of the shares covered by the application for introduction to trading were subject to the lock-up agreements.

Selected financials of the Issuer:

*quarterly, unaudited

Company shareholders

• Gravier Investment ASI S.A. – 912,000 shares representing 22.9% of the equity and votes;
• Dawid Pałka* – 324,000 shares representing 8.13% of the equity and votes;
• Karol Błażewski* – 304,000 shares representing 7.63% of the equity and votes;
• Robert Baranowski** – 324,000 shares representing 8.13% of the equity and votes;
• Kornelia Błażyńska** – 368,000 shares representing 9.24% of the equity and votes;
• Other shareholders  – 1,750,794 shares representing 44% of the equity and votes;

*Dawid Pałka and Karol Błażewski are Members of the Issuer’s Supervisory Board.

**Robert Baranowski is President of the Issuer’s Management Board, and Kornelia Błażyńska is Vice-President of the Issuer’s Management Board.

Financial instruments newly listed on NewConnect:

• 988,000 series B ordinary bearer shares;
• 153,448 series C ordinary bearer shares; 
• 293,346 series D ordinary bearer shares.