SciPlay (NASDAQ: SCPL) a developer of mobile casino games, made its debut on the Nasdaq Friday morning.
SciPlay issued 22 million shares, with an initial range expected between $14 and $16; The stock ended up pricing at $16 per share. The IPO is expected to bring in $404.8 million.
SciPlay's stock ticked a good amount lower and traded around $15.18 per share at time of publication, down more than 11 percent from the open.
The IPO lock-up period will be 180 days. This is a contractual restriction preventing insiders who acquired shares of a company's stock before it went public from selling the stock for a stated period of time after it goes public.
Another popular gaming stock, Scientific Games (NASDAQ: SGMS), of which SciPlay is a subsidiary, develops and releases free mobile games like "Monopoly Slots" and "Jackpot Party Casino." Over the years a growing number of its users make in-app purchases to unlock game features.
That stock traded around $22.16 Friday afternoon, down 7 percent.
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