Gaming Firm Playtika’s IPO Exceeds Target to Raise $1.88 Billion

Gaming Firm Playtika’s IPO Exceeds Target to Raise $1.88 Billion

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A man uses a mobile device.
A man uses a mobile device. (Chris Ratcliffe/)

(Bloomberg) — Playtika Holding Corp. and an investor raised about $1.88 billion in a U.S. initial public offering, pricing the mobile gaming company’s shares above a marketed range.

The Israel-based company and the selling shareholder sold 69.5 million shares Thursday for $27 apiece, according to a statement. Playtika had marketed the shares for $22 to $24.

The company had net income of $16 million on revenue of $1.8 billion for the nine months ended Sept. 30, according to its filings with the U.S. Securities and Exchange Commission. That compared with net income of $259 million on revenue of $1.4 billion in revenue during the same period last year.

Chinese investors bought Playtika from Caesars Entertainment Corp. for $4.4 billion in 2016. After the IPO, Playtika will continue to be ultimately controlled by the Chinese company Giant Investment Co., which in turn is controlled by Yuzhu Shi, according to the filings

The offering is being led by Morgan Stanley, Credit Suisse Group AG, Citigroup Inc., Goldman Sachs Group Inc., UBS Group AG and Bank of America Corp. The company plans for its shares to begin trading Friday on the Nasdaq Global Select Market under the symbol PLTK.

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