DoubleDown Interactive, a leading developer and publisher of mobile- and web-based social casino games, slashed the proposed deal size for its upcoming IPO on Tuesday.
The company now plans to raise $86 million by offering 5.5 million ADSs (100% primary) at $15.60. It originally planned to offer 11 million ADSs (50% insider) at $17 to $19. With the revised terms, DoubleDown would command a market value of $777 million.
DoubleDown Interactive was founded in 2008 and booked $281 million in revenue 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 joint bookrunners on the deal. It is expected to price during the week of June 29, 2020.
