Playtika Holding Corp Files for an IPO

Israel-based mobile gaming giant Playtika Holding Corp has filed for an initial public offering (IPO), disclosing shrinking profit on increased revenue this year.

The company in its filing with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will likely change.

The company had net income of $16 million on revenue of $1.8 billion for the nine months ended September 30, according to the filing. That compared with net income of $259 million on revenue of $1.4 billion in revenue during the same period last year.

Chinese investors bought Playtika from Caesars Entertainment Corp. for $4.4 billion in 2016. After the IPO, Playtika will continue to be ultimately controlled by the Chinese company Giant Investment Co., which in turn is controlled by Yuzhu Shi, according to the filing.

The offering is being led by Morgan Stanley, Credit Suisse Group AG, Citigroup Inc., Goldman Sachs Group Inc., UBS Group AG, and Bank of America Corp. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol PLTK.