- Playtika has debuted its Initial Public Offering.
- Playtika named its stocks as “PLTK”.
- Financial Firms such as Morgan Stanley were underwriters.
Playtika is a company that develops and publishes free to play mobile games since 2010. According to a Securities and Exchange Commission filing on Friday, December 18, 2020, Israel-based mobile game designer Playtika Holding Corp. has announced plans to go public.
The company said that it intended to raise $100 million. But It maintains that it’s just a placeholder figure and is often altered in upcoming filings by the company. Among the underwriters are Morgan Stanley, Credit Suisse, Citigroup, and Goldman Sachs. The business plans to list on Nasdaq under the ticker “PLTK”.
Company’s Reason for the IPO
For the duration of nine months ending Sept. 30, according to the filing, the firm had a net income of $16 million on revenue of $1.8 billion. This compared to $259 million in net income on sales of $1.4 billion in revenue during the same period last year. This is due to a sharp increase in operational expenditure.
For example, the prospectus shows that remuneration for Robert Antokol, the founder and CEO of the firm, increased to more than $336 million from $49 million in 2019 after the allocation of a generous $310 million capital remuneration.
Company History
In 2010, Antokol and Uri Shahak formed Playtika. It was purchased for $130 million by US company Caesars Interactive Entertainment the next year. And it was acquired from them for $4.4 billion by a Chinese group in 2016.
The business has more than 15 games. Playtika entertains and garners 35 million players every month.
There were more than 2,800 workers at Playtika, but additional agreements have increased the workforce to over 4,000 employees. More than 15 businesses have now been purchased by Playtika and have become so large that it had to rebrand itself to let workers know it is a unique firm not a collection of several different companies.
Rebranding centered on the term “infinite ways to play.” CMO Nir Korczak said in an interview with GamesBeat that Playtika aims to create infinite ways to play its games, spanning casual, hardcore, and social casino genres.
