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Playtika Set to Launch An Initial Public Offering

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Playtika Set to Launch An Initial Public Offering

Playtika Set to Launch An Initial Public Offering

Israel-based mobile gaming giant,Playtika, reportedly files for its initial public offering (IPO)

Playtika looks ready to launch its long-awaited IPO after the company filed for the IPO. The company is probably looking to leverage the present conditions as more people are playing while sheltering in place during the pandemic, causing gaming stocks to soar.

Founded in 2020, Playtika has grown in leaps and grounds, currently with more than 3,700 employees across the globe. One of the company’s popular casino games is the World Series of Poker. Playtika has more than 35 million monthly active users for its games, with 12 million coming back daily.

Playtika is yet to reveal the number of shares to be offered, neither has the company mentioned the price range. However, the company has applied to list on the Nasdaq Global Select Market under the symbol “PLTK.”

Morgan Stanley and Credit Suisse have been identified to act as lead bookrunners for the offering. Citigroup, Goldman Sachs, UBS Investment Bank, and BofA Securities will also be additional bookrunners. Baird, Cowen, Stifel, and Wedbush Securities will be co-managers for the proposed offering.

Robert Antokol, the CEO of Playtika initially founded the company as a social casino game company before it was acquired by Caesars Interactive Entertainment in 2011. At that time, the company had over 2,800 employees. The mobile gaming company has now acquired over 15 companies and had to rebrand to reflect its new status.

Playtika is currently owned by Alpha Frontier, a consortium of investors including Giant chair ShuYuzhu. Some of the company’s acquisitions include Germany’s Wooga, Austria’s Supertreat, and Finland’s Seriously. Its studios operate 20 games, all of which are free-to-play, with frequent updates known as live operations.

According to game investment tracking firm InvestGame, game companies were able to generate over $9 billion from public offerings in the first nine months of 2020.

The stock market has taken some dives early in 2020 for obvious reasons as the COVID-19 pandemic reared its ugly head. However, the market started to recover in June as multiple companies continue to go public in Asia. Archosaur Games raised $280 million, Kakao Games raised $330 million, and Activision Blizzard raised $2 billion in senior debt as a refinancing move. Unity Technologies raised $1.3 billion at a $13.6 billion valuation in mid-September. Skillzalso went public at a $3.5 billion valuation, with Robloxfilling papers for an IPO that was recently postponed till 2021.

For more IPO news from different parts of the world, please visit – https://whiteoakcapital.asia.

Media Contact
Company Name: White Oak Capital (Asia)
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