SciPlay Corporation Officially Goes Public
Scientific Games subsidiary SciPlay Corporation is putting itself out there and going public. SciPlay Corp. recently announced the pricing structure for their IPO offering, as well as some details about the number of shares on offer, etc. The expectation is that 22 million common Class A shares will be made available during the initial phase. The shares will be priced at $16 apiece. After the initial offering, underwriters and investors will be granted a 30-day extension period, during which 3.3 million more shares will be made available.
Following SciPlay Corp’s successful application with the US Securities and Exchange Commission to go public with its shares, it was announced in April that the shares were just about ready to hit the markets. What with the company originally have been willing to accept a price tag as low as $14 per share, the May 3-value of the price per share having balanced out at $15.17 per share, isn’t considered to be bad going at all.
The Ups And The Downs
SciPlay is the social games division of Scientific Games. Despite the above-average performance of SciPlay’s shares in the initial IPO phase, Scientific Games has been having a trying time of it. Following the release of a number of reports by a group of prominent research firms, the value of SG’s own shares dropped by 11% to $21.58 per share.
The firms had declared the shares a strong sell, which sounds great deal more positive that what it actually is. The downgrade by the research firms came as a surprise to many, as the reports were released exactly a day after SciPlay had gone public. Many have expressed the view that the move on the part of SG’s subsidiary should have stimulated the value of its own shares; not affect it in a negative way.
SG Appoints New Marketing VP
On May 7th, SciPlay’s new IPO offering officially launched on the NASDAQ global select market platform, and under the handle SCPL. According to SG, the fund administrators will include J.P. Morgan Securities, the Bank of America, Merrill Lynch, and also the Deutsche Bank.
In the meantime, the group has gained a new Senior Vice President of Marketing and Communications. Steven Stamstad is no newcomer to the industry and has 25 years’ of global marketing experience under belt.
Stamstad will in all likelihood be involved in the marketing of SG’s SciPlay.