Shares of mobile game company Playtika Holding Corp. rose 24% in their market debut, fueled by growth in the gaming industry and soaring demand for new share offerings.
The Israel-based company’s stock opened at $33.40 a share, according to FactSet, above the company’s initial public offering price of $27 a share. Based on the opening, the company is valued at $13.7 billion.
Shares were trading at $35.22 Friday afternoon.
Playtika’s suite of smartphone games includes casino-style options like “Caesars Slots,” “House of Fun” and “Poker Heat.” The company, founded a decade ago, saw its revenue rise 28% to $1.8 billion for the first nine months of 2020 compared with a year earlier. Profit fell 94%, hurt by higher costs and expenses, though it has been profitable for years, unlike most of its tech peers that have recently gone public.
In 2016, Playtika was acquired for $4.4 billion in cash by a Chinese consortium including an affiliate of videogame developer Giant Interactive Group and a private-equity firm set up by Alibaba Group Holding Ltd. founder Jack Ma.
