UPDATED – Mobile game developer Playtika secures $1.88 billion via IPO

UPDATE (15.01.2020): Playtika goes public in an IPO at $27 a share

Playtika went public today and secured $1.88 billion via IPO. Playtika and an existing investor sold a combined of 69.5 million shares above its target range at $27 each. 47.8 million of shares were sold by the stockholder while 21.7 sold by Playtika.

Playtika had set a target price of between $22 and $24 apiece. The IPO, the biggest U.S. listing in 2021 so far and the largest in the Israeli history, gave the company an enterprise valuation of $14.5 billion, with a stock price closed at $31.62 a share.

UPDATE (23.12.2020): Playtika IPO Filing Reveal: $2.3 billion in revenue

Playtika‘s IPO filing reveals key details about its financial performance. Playtika’s social casino titles generated $2.3 billion in revenues in the last 12 months.

Playtika hasn’t disclosed yet how much the mobile game developer is raising. However, according to InvestGame said in a post that Playtika was said to be raising over $1 billion at a $10 billion valuation.

Israel-based mobile game developer Playtika has filed for its initial public offering (IPO). The company listed the size of the offering as $100 million. Playtika has applied to list its common stock on the Nasdaq Global Select Market under the symbol “PLTK.”

According to the filing, Playtika had net income of $16 million on revenue of $1.8 billion for the nine months ended Sept. 30, as compared with net income of $259 million on revenue of $1.4 billion in revenue during the first nine months of 2019. 

During the nine months ended September 30, 2020, the mobile game giant had 11.4 million average DAUs, an increase of 15.2% from the same period in the prior year. In the same time period, Playtika generated 76.6% of its revenues in North America and 13.0% in Europe. Meanwhile, its games are played in over 100 countries.

According to its filing, after the IPO, Playtika will continue to be controlled by the Giant Investment Co.

Morgan Stanley and Credit Suisse will act as lead bookrunners for the proposed offering, while Citigroup, Goldman Sachs, UBS Investment Bank, and BofA Securities will act as additional bookrunners for the proposed offering. 

The filing emphasized that, according to Newzoo, approximately 2.5 billion users spent time and money on mobile games in 2019 and mobile gaming revenue is expected to grow to approximately $114.4 billion in 2023, representing a compound annual growth rate of 9.8% from $86.3 billion in 2020.