DoubleDown Interactive aims to raise $126.3m as US IPO launches
| By Robert Fletcher
DoubleU Games subsidiary DoubleDown Interactive launched its initial public offering (IPO) on the Nasdaq exchange in the US with the aim of raising up to $126.3m (£92.2m/€107.5m).
The business offered 5,263,000 in American depositary shares (ADSS) – each made up of 20 common shares – as part of the IPO, while an unnamed selling shareholder also offered 1,053,000 ADSs.
The estimated price range per ADS is $18 to $20, meaning if DoubleDown was able to sell all the ADSs as planned, it could raise as much as $126.3m.
Riley Securities acted as the sole bookrunner for the proposed offering, while CBRE and Northland Capital Markets served as co-managers.
DoubleDown had been planning for the IPO for some time, last month revealing that it had filed for the IPO on the Nasdaq exchange.