Mobile gaming company Playtika’s stock opened at $33.40 on Friday, 23 percent above its initial public offering price.
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The Israel-based company raised $1.9 billion through its IPO before it began trading on the Nasdaq on Friday. At its current share price, the company has a valuation of about $11 billion.
Playtika, which is perhaps best known for its casino games, is one of a handful of gaming and gaming-related companies to go public in recent months. Sports betting company DraftKings and esports company Skillz went public via a special purpose acquisition company last year, and video game software development company Unity Technologies went public through an IPO.
And next week, video game company Roblox is expected to go public through a direct listing.
Playtika reported nearly $1.8 billion in revenue for the first nine months of 2020, up from about $1.4 billion during the same period in 2019.
Gaming companies have seen the number of players and user engagements increase over the last year as the COVID-19 pandemic forced people to seek at-home entertainment.
Playtika raised $1.5 million in a seed round led by Kaedan Capital before being acquired by Giant Interactive Group in October 2016, according to Crunchbase. Over the course of its lifetime, Playtika has acquired five companies including Jelly Button Games and Wooga.
Illustration: Dom Guzman
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