Playtika prices $1.88 bln IPO above target range -sources (updated)

Playtika Holding

15/01/2021 01:17

(Adds background on Playtika, IPO market)
    By Joshua Franklin
    Jan 14 (Reuters) - Mobile gaming company Playtika Holding
Corp  PLTK.O  on Thursday sold shares in its U.S. initial public
offering above its target range at $27 each, a person familiar
with the matter said. 
    Playtika had set a target price of between $22 and $24
apiece. The Israel-based company, which is owned by a Chinese
investor group, had planned to sell 21.7 million shares with a
further 47.8 million sold by existing investors, making the
total offering worth around $1.88 billion at $27 per share. 
    The IPO, the biggest U.S. listing in 2021 so far, values
Playtika at $11.1 billion. Playtika did not immediately respond
to a request for comment. The source requested anonymity as the
price was not yet public. 
    The IPO is the latest sign of robust investor demand for new
stocks following a stellar 2020, which was the strongest IPO
market in two decades, and a string of other listings this week
which priced well relative to their targets.  urn:newsml:reuters.com:*:nL1N2JJ1L1
    In 2016, a group of Chinese investors including Giant
Network Group Co Ltd and Yunfeng Capital, a private equity firm
founded by Alibaba Group's Jack Ma, acquired Playtika from
Caesars Interactive for $4.4 billion.
    Playtika's IPO comes as U.S.-listed Chinese firms face
tightened scrutiny and strict audit norms from U.S. regulators
and a week after the New York Stock Exchange decided to delist
three Chinese telecom companies.
    Founded in 2010, Playtika has more than 35 million monthly
active users and its games include Bingo Blitz and Slotomania.
    Playtika shares are scheduled to begin trading on the Nasdaq
on Friday under the ticker symbol "PLTK."
    Morgan Stanley, Credit Suisse, Citigroup, Goldman Sachs, UBS
and BofA Securities are the lead underwriters.

 (Reporting by Joshua Franklin in Miami; Editing by Tom Hogue
and Christopher Cushing)
 ((joshua.franklin@thomsonreuters.com; +1 646-223-6356; Reuters
Messaging: joshua.franklin.thomsonreuters.com@reuters.net))