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Playtika Holding Corp Enjoys Strong Debut

Mobile games maker Playtika (NASDAQ: PLTK) enjoyed a good start to life on the market, following an IPO that saw it raise the biggest amount ever achieved by a newly launched Israeli company. With the games market booming, it is no surprise to see Playtika have such a strong start.

The initial public offering for Playtika Holding Corp saw a total of $1.88 billion raised among investors. An investor from China is the main shareholder and owner of the firm, which sold 69.65 million shares for $27 each after having marketed them a price of between $22 and $24.

On its first days on the New York trading markets, the company’s stock rose by 34% at one point before settling back down to an early gain of 17%, giving a share price of $31.62. This price gave it a market value of close to $13 billion.

Robert Antokol is the Playtika CEO

Robert Antokol is the Playtika chief executive officer, and he stated when interviewed that the money from the IPO may be used for a variety of reasons. They include internal game development and could also mean that they look to make acquisitions of other firms in their industry.

Antokol said that it was the “right time to go public” and that they want to take the next steps to carry on growing. The timing of their IPO was good, as the gaming industry has enjoyed an excellent period of growth, partly down to people staying at home due to COVID-19 restrictions and spending more money on games than ever before.

Revenue in the digital gaming market increased by 12% in 2020, rising to some $126.6 billion. As part of this, mobile games saw 10% growth, meaning that they now make up close to 60% of the overall gaming market.

Most predictions for 2021 suggest that gaming will continue to boom, with Antokol calling it “a very strong sector” that is still growing. He pointed out that investors are now looking at this industry in a different way from just a few years ago.

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