Playtika Holding Corp. submitted an initial public offering, revealing the decline in earnings over revenue growth this year. The Israeli-based company filed on Friday with the U.S. Securities and Exchange Commission an offer of $100 million, a placeholder which will likely change.
The company had a net profit of $16 million on an income of $1.8 billion for the nine-month period ended September 30, according to the filling. This is in comparison to net earnings of $259 million on revenues of $1.4 billion over the same period last year. Chinese investors bought Playtika from Caesars Entertainment Corp. to the tune of $4.4 billion in 2016. The decline in net income in 2020 was attributed to a 259% increase in general and administrative spending to $454.5 million, mainly due to share-based compensation expenditures.
Founded in 2010, Playtika has more than 3700 staffs in global offices such as in Chicago, London, Vienna, Helsinki and Sydney. The investment is being carried out by Morgan Stanley, Credit Suisse Group AG, Citigroup Inc., Goldman Sachs Group Inc., UBS Group AG and Bank of America Corp.
The company intends to sell its shares on the Nasdaq Global Select Market under the symbol PLTK.