: Mobile-games developer Playtika files for IPO

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Israel-based mobile-games designer Playtika Holding Corp. announced intentions to go public, according to a Securities and Exchange Commission filing Friday. The company said it planned to raise $100 million, but that’s often a placeholder amount and is often changed in later filings. Morgan Stanley, Credit Suisse, Citigroup, and Goldman Sachs are listed among the underwriters. The company plans to list under the ticker “PLTK” on the Nasdaq. Playtika, which was founded 10 years ago, reported revenue of $1.89 billion and net income of $288.9 million in 2019, compared with $1.49 billion in revenue and net income of $338 million in the previous year. For the first nine month of the year, Playtika reported revenue of $1.8 billion and net income of $16.1 million in 2020, compared with with $1.4 billion and net income of $258.9 million in the previous year. The drop in 2020’s net income was attributed to a 259% rise in general and administrative expenses to $454.5 million primarily because of stock-based compensation expenses. 2020 has been a banner year for IPOs with the Renaissance IPO ETF IPO up 116% so far.
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