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Scientific Games to raise US$352 million from IPO as social gaming arm turns to profit

Newsdesk by Newsdesk
Tue 23 Apr 2019 at 05:24
Scientific Games sees revenues rise 10% in 2Q18
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Scientific Games Corporation says it is aiming to raise up to US$352 million via an IPO of a minority interest in its social gaming business, which it will use to reduce debt.

Details of the IPO were announced in an SEC filing overnight, with the company also revealing it would offer 22 million shares in the social gaming business, officially called “SciPlay”, at between US$14 and US$16 per share. There would also be an option for underwriters to purchase a further 3.3 million shares at the same price.

Common stock in “SciPlay” is set to be listed on NASDAQ under the ticker symbol “SCPL”.

In its filing, Scientific Games also provided an early estimate of financial results for its social gaming business for the three months to 31 March 2019, including a year-on-year increase in revenue for the period of up to 22.1%.

Revenue is estimated at between US$117 and US$119 million, with the company stating the increase “is primarily due to an increase in mobile revenue, which represented substantially all of the revenue increase.

“Web platform revenue decreased due to a decline in player levels as a result of player preferences causing a continued migration to mobile platforms,” it added.

Net income is tipped to rise from a loss of US$1.1 million to a profit of up to US$15 million, while Adjusted EBITDA is expected to reach US$26 million, up from US$22.7 million in 1Q18.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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