DoubleU Games Ready To Seize M&A Opportunities With $ 340 Million Ammo
South Korean company DoubleU Games will seek inorganic growth opportunities to diversify its portfolio beyond social casino games with new ammunition from the Nasdaq list of its subsidiary DoubleDown Interactive (DDI) last month.
DDI acquired by DoubleU Games in April 2017 joined the Nasdaq at the end of August with an IPO price of $ 18 per share. Its market capitalization is almost $ 900 million based on the IPO price. DDI shares fell 0.87% from the previous session on Wednesday to close at $ 17.15.
DoubleU Games raised some $ 85.2 million during the IPO, bringing its total available cash and cash equivalents to around $ 340 million.
The local investment banking community said that DDI’s listing on the Nasdaq will allow DoubleU Games to take another leap forward as it plans to use the proceeds to fund innovative projects and mergers and acquisitions to drive growth. beyond social casino games.
The company is gearing up for the global launch of a new RPG, featuring a mix of clicker games and character collectibles, at the end of this month. She is also active in the takeover of a casual games company.
DDI is a developer of PC and mobile games. Its popular social casino game, Double Down Casino, was released in 2010.
Kosdaq-listed DoubleU Games shares gained 2.5% to close at 61,300 won ($ 52.24) on Thursday.
By Kang Woo-seok and Minu Kim
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