PE-backed Playtika targets $10B valuation in IPO

Online gaming business Playtika has hired Morgan Stanley and other investment banks to prepare an IPO in the US sometime during the next year, according to Reuters. The IPO could allow the Israeli company to raise around $1 billion and reach a valuation of $10 billion, the report said.

Playtika offers more than a dozen free-to-play apps and online games to 27 million monthly active users, and generates a reported $1 billion in annual income. The company was acquired for a reported $4.4 billion in 2016 by a consortium of Chinese investors including Hony Capital and Yunfeng Capital, a private equity firm led by Alibaba co-founder Jack Ma. The seller was Caesars Entertainment.

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