DoubleDown Interactive, a leading developer and publisher of mobile- and web-based social casino games, filed on Tuesday with the SEC to raise up to $120 million. The company had previously filed to raise almost $200 million in a US IPO in June 2020 but postponed, officially withdrawing the offering last week while noting that it would refile.
The Seoul, South Korea-based company plans to raise $120 million by offering 6.3 million ADSs (17% secondary) at a price range of $18 to $20. At the midpoint of the proposed range, DoubleDown Interactive would command a market value of $942 million.
DoubleDown states that it is a leading developer and publisher of digital games on mobile and web-based platforms. Its games have been installed over 115 million times to date, and its flagship game, DoubleDown Casino, has been in the top 20 grossing mobile games annually on Apple App Store since 2016. For the three months ended March 31, 2021, over 2.6 million players played its games each month on average.
DoubleDown Interactive was founded in 2008 and booked $379 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DDI. B. Riley Securities is the sole bookrunner on the deal.
The article Korean game developer DoubleDown Interactive refiles and sets terms for a $120 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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