Home > Finance > DoubleDown Interactive closes $113.7m initial public offering

DoubleDown Interactive closes $113.7m initial public offering

| By Robert Fletcher
DoubleU Games subsidiary DoubleDown Interactive raised $113.7m (£82.2m/€95.7m) via an initial public offering (IPO) on the Nasdaq exchange in the US, just short of its expectations.
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The business offered 6,316,000 American depositary shares (ADSs), each representing 0.05 common shares and priced at $18.00, with the aim of generating up to $126.3m.

Some 5,263,000 shares were offered by DoubleDown, with the remaining 1,053,000 sold by an unnamed shareholder, though the business will not receive any of that investor’s proceeds.

As such, after taking into account underwriting discounts, offering expenses and estimated offering expenses, DoubleDown expects to receive approximately $86.5m in net proceed from the offering.

Funds from the IPO will be used for general corporate purposes but may also be required to pay legal costs.

Read the full story on iGB North America.

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