(Reuters) – Mobile gaming company Playtika Holding Corp on Thursday said it had sold shares in its first U.S. public offering above their target range of $ 27 per head, the latest in a series of high-priced IPOs.
Playtika had set a target price between $ 22 and $ 24 each. The Israeli-based company, which is owned by a Chinese investor group, sold about 18.5 million shares, compared to an original plan of 21.7 million shares, and another 50.98 million shares by existing investors, up from 47.8 million originally. The total offer was worth approximately $ 1.88 billion at $ 27 per share.
The IPO, the largest U.S. listing in 2021 to date, values Playtika at $ 11.1 billion. Playtika did not immediately respond to a request for comment. The source requested anonymity as the price was not yet public.
The IPO is the latest sign of strong investor demand for new stocks after stellar 2020, which was the strongest IPO market in two decades, and a series of other listings this week that priced well in line with their targets.
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.
The Playtika IPO comes as Chinese companies registered in the U.S. oppose strict scrutiny and scrutiny practices from U.S. regulators and a week after the New York Stock Exchange decided to deliver three Chinese telecom companies.
Founded in 2010, Playtika has over 35 million monthly active users and its games include Bingo Blitz and Slotomania.
Playtika shares are expected to start trading on the Nasdaq on Friday under the ticker symbol “PLTK. ”
The main subscribers are Morgan Stanley, Credit Suisse, Citigroup, Goldman Sachs, UBS and BofA Securities.
Reporting with Joshua Franklin in Miami; Edited by Tom Hogue and Christopher Cushing