Playtika, a game development company with offices in Ukraine, raises $1.88B in IPO
Playtika Holding Corp. (PLTK) raised $1.88 billion in its initial public offering. Its share price rose above the marketed range.
Initially, the Israel-based publisher had marketed the shares for $22 to $24. However, during trading on the Nasdaq Global Select Market, the company sold 69.5 million shares for $27 apiece. The total offering amounted to about $1.88 billion at $27 per share.
According to Reuters, the company had planned to sell 21.7 million shares with a further 47.8 million sold by existing investors. However, 18.5 million shares were sold by Playtika while 50.98 came from the existing stockholder.
According to GamesIndustry.biz, Playtika will not receive any proceeds from the sale of shares by the investors.
The funds raised by Playtika will be used to cover general corporate expenses, repayment of loans, and future investments and acquisitions.
Playtika developed Caesars Casino, Slotomania, House of Fun, Bingo Blitz, and other popular mobile games. In 2011, Playtika was acquired by Caesars Interactive Entertainment for $100 million. And in August 2016, the company was acquired for $4.4 billion by a consortium of Chinese companies led by Giant. According to the company, it has about 500 million installations for all its applications and 11.5 million active users per day.
The company has offices in Ukraine, particularly in Kyiv, Vinnytsia, and Dnipro, with more than 600 employees. In 2019, the company opened an R&D center in Ukraine previously bought by the German mobile games developer Wooga.