Israel-based mobile game content supplier Playtika has launched an initial public offering in the U.S. that it hopes will raise $1.67 billion and increase its valuation to almost $10 billion. The company, which had been the social gaming arm of Caesars Entertainment before being acquired by a group of Chinese investors in 2016, has indicated it hopes to use the proceeds of the IPO to capitalize on the growing U.S. iGaming market.
The Chinese investment group plans to sell 69.5 million shares of Playtika at $22 to $24 each.
Playtika games are played by an estimated 35 million monthly users. In 2020, as land-based casinos shut down during the second quarter, the company’s content drew a record 11.8 million daily players on average.
The company plans on listing itself as “PLTK” on the Nasdaq stock exchange.
