Social casino giant DoubleDown Interactive has announced the lunch of its initial public offering (IPO) in the US and revealed that it could raise more than double the amount it originally forecast.
DoubleDown Interactive, together with an unnamed selling stockholder, will offer a total of 11m American Depositary Shares (ADS), with every 20 ADSs representing one DoubleDown ordinary share.
The social casino business said it expects the IPO price to be between $17 and $19, meaning that the offering could see it raise as much as $209m, more than double the $100m it originally stated.
DoubleDown Interactive also noted that the selling stockholder expects to grant the underwriters a 30-day option to purchase up to an additional 1.65m ADSs at the IPO price.
Should the IPO proceed as expected, then the ADSs would trade on the NASDAQ Global Select Market under the ticker symbol ‘DDI’.
Seattle-based DoubleDown emerged as one of the major players in social casino in 2012, when International Game Technology’s (IGT) acquired the business in a $500m deal. This came amid a flurry of social casino M&A, which saw a number of real-money gaming business acquire free-to-play studios.
IGT then agreed to sell the business to a subsidiary of South Korea’s DoubleU Games in an $825m deal in April 2017, completing the sale in June that year.