Shares of mobile gaming company Playtika climb nearly 24% on Nasdaq debut

Shares of Israel-based mobile gaming company Playtika Holding Corp were up nearly 24% on their Nasdaq debut on Friday, valuing the company at nearly $ 13.79 billion.

The shares opened at $ 33.4, above the initial public offering (IPO) price of $ 27 per share. The company raised $ 1.88 billion in the IPO. Playtika’s IPO is the largest listing in the US this year.

Demand for mobile games has increased since the coronavirus blockages began last year as people continue to curl up at home and educational institutions remain closed in most countries to curb the spread of the outbreak. “We haven’t had to go public in recent years as the cash flow was positive. But as we started growing faster and getting bigger, we felt it was time to go public, ”said Robert Antokol, founder and CEO of Playtika.

Antokol added that Playtika is developing a number of new games and plans to launch at least one new game within the next 12 months. Playtika’s debut comes at the end of one of the biggest and busiest weeks for new listings in at least five years, as companies scramble to gain the strongest market for IPOs in nearly two decades after a break caused by the pandemic all beginning of last year.

Founded in 2010, the company has more than 35 million monthly active users, according to its website. Its games include Bingo, Blitz and Slotomania. Playtika was acquired by Caesars Interactive Entertainment in 2011. In 2016, a group of Chinese investors, led by Giant Network Group Co Ltd, acquired Playtika from Caesars for $ 4.4 billion. Morgan Stanley, Credit Suisse, Citigroup, Goldman Sachs, UBS and BofA Securities were the main underwriters of the offering.

(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)

News Highlights:

  • Shares of Israel-based mobile gaming company Playtika Holding Corp were up nearly 24% on their Nasdaq debut on Friday, valuing the company at nearly $ 13.79 billion. The shares opened at $ 33.4, above the initial public offering (IPO) price of $ 27 per share.
  • Shares of mobile gaming company Playtika climb nearly 24% on Nasdaq debut