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Gaming developer Playtika soars more than 30% on its first day of trading

·Markets Reporter
·2 min read
In this article:
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Shares of gaming developer Playtika (PLTK) soared about 30% during its first hour of trading on Friday. The stock opened at $33.40, a 23% bump from its IPO price of $27/share. The company sold 69.5 million shares on Thursday, raising $1.88 billion.

The Israeli-based developer of mobile games reported revenue of $1.8 billion and net income of $16 million and for the nine months ended September 30th according to its S-1 filing.

During that period, the company had 35.2 million average monthly users (MAUs) and 11.4 million average daily active users (DAUs.)

Playtika was founded in 2010 with the release of its first game, Slotomania, which is still the largest game in the developer’s portfolio based on revenue. In 2011, the company was acquired by Ceasars Interactive Entertainment (CIE). In 2016, Chinese investors acquired Playtika from CIE.

The developer’s game offerings over the years have expanded mostly through acquisitions. It now offers Caesars Slots, Bingo Blitz, World Series of Poker, and House of Fun.

Playtika logo
Playtika logo

Playtika’s public debut follows a big week for IPOs. On Thursday, pet-care retailer Petco (WOOF) went public on the same day as Poshmark (POSH), the online marketplace for used goods. Petco shares spiked 44%, and Poshmark soared about 140% during the first minutes of trading.

On Wednesday Affirm (AFRM) made its public debut. Shares of the online payment company spiked more than 90% on its first day of trading.

Yahoo Finance Premium
Yahoo Finance Premium

Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre

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