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Playtika Prices 1.88 Billion IPO above Target Range

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Reuters Mobile gaming company Playtika Holding Corp said on Thursday it had sold shares in its U.S. initial public offering above its target range at 27 each, the latest in a string of highly priced IPOs.

Playtika had set a target price of between 22 and 24 apiece. The Israelbased company, which is owned by a Chinese investor group, sold around 18.5 million shares, compared to an original plan of 21.7 million shares, and a further 50.98 million shares by existing investors, up from 47.8 million originally. The total offering was 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.

In 2016, a group of Chinese investors including Giant Network Group Co Ltd and Yunfeng Capital, a private equity firm founded by Alibaba Groups Jack Ma, acquired Playtika from Caesars Interactive for 4.4 billion.

Playtikas 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…

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