Playtika announces launch of initial public offering
The Israel-based company, owned by a Chinese investor group, is planning to sell 69.5 million shares priced at between $22 and $24 apiece, it said on Thursday.
The company has provided more details about its upcoming initial public offering (IPO) on Nasdaq. In an updated prospectus, the Herzliya based gaming firm says it plans offering shares worth about $1.6 billion at a company valuation of between $8.6 billion and $9.4 billion, with half the sum in share being offered by existing equity holders.
The offering consists of 21,700,000 shares of common stock offered by Playtika and 47,800,000 shares of common stock to be sold by an existing stockholder. Playtika will not receive any proceeds from the sale of the shares by the Selling Stockholder.
In 2016, a group of Chinese investors including Giant Network Group Co Ltd and Yunfeng Capital, a private equity firm founded by Alibaba Group’s Jack Ma, acquired Playtika from Caesars Interactive for $4.4 billion.
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