Sci Games to IPO social casino business
Las Vegas-headquartered operator says proceeds will be used to pay down debt
Scientific Games is to IPO its social games business on the Nasdaq, the supplier giant confirmed today.
The social games business will now be called SciPlay and trade under the ticker SCPL.
The number of shares to be offered and the price range for the offering have not yet been determined, although the business produced earnings of $39m in 2018 on revenue of $416.2m.
BofA Merrill Lynch, J.P. Morgan and Deutsche Bank Securities are the lead underwriters of the long-expected IPO.
SciPlay is the fourth-largest social games publisher in the industry, according to Eilers & Krejcik Gaming.
Key titles include Jackpot Party Casino, Gold Fish Casino, Quick Hits, Hot Shots.
Scientific Games CEO Barry Cottle said an IPO would provide “greater flexibility to pursue growth for the business”.
The company confirmed that proceeds from the IPO would be used to reduce its debts.