DoubleDown Interactive, which is a leading developer and publisher of mobile- and web-based casual casino games, announced terms for its IPO on Thursday.
The Seoul, South Korea-based company plans to raise $198 million by offering 11 million ADSs (50% insider) at a price range of $17 to $19. At the midpoint of the proposed range, DoubleDown Interactive would command a market value of $896 million.
DoubleDown Interactive was founded in 2008 and booked $281 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol DDI. J.P. Morgan, BofA Securities, and Macquarie Capital are the bookrunners on the deal. It is expected to price during the week of June 29, 2020.
