DoubleDown Interactive Announces Pricing of Initial Public Offering

Rhea-AI Summary

DoubleDown Interactive has priced its initial public offering (IPO) of 6,316,000 American Depositary Shares (ADSs) at $18.00 per ADS, aiming for gross proceeds of $113.7 million.

Of the total, 5,263,000 ADSs are offered by the company and 1,053,000 by a selling shareholder, who has given underwriters a 30-day option for an additional 947,400 ADSs. The net proceeds expected for the company are approximately $86.5 million.

The ADSs are set to trade on NASDAQ under the ticker symbol DDI starting on August 31, 2021.

Positive

• Initial public offering (IPO) priced at $18.00 per ADS.
• Expected gross proceeds of $113.7 million.
• Net proceeds to DoubleDown expected to be approximately $86.5 million.

Negative

• Selling shareholder's involvement may lead to potential dilution for existing shareholders.

SEATTLE, Aug. 31, 2021 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (“DoubleDown”, or the “Company”), a leading developer and publisher of digital social casino games, today announced the pricing of its initial public offering of 6,316,000 American Depositary Shares (the “ADSs”), each ADS representing 0.05 common share at a price of $18.00 per ADS, for gross proceeds of $113.7 million. The number of ADSs offered and to be sold by the Company is 5,263,000, and the number of ADSs offered and to be sold by a selling shareholder is 1,053,000. The selling shareholder has granted the underwriters a 30-day option to purchase up to an additional 947,400 ADSs at the initial public offering price. The net proceeds to the Company from the sale of the ADSs will be approximately $86.5 million, after deducting underwriters discounts and commissions and estimated offering expenses. DoubleDown will not receive any proceeds from the sale of ADSs by the selling shareholder.

The ADSs are expected to begin trading on The NASDAQ Global Select Market (“NASDAQ”) on August 31, 2021 under the ticker symbol “DDI,” and the offering is expected to close on September 2, 2021, subject to customary closing conditions.

B. Riley Securities is acting as the sole bookrunner for the offering. CBRE and Northland Capital Markets are acting as co-managers for the offering.

A registration statement on Form F-1 relating to this offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 30, 2021. The offering will be made only by means of a prospectus contained in the Company’s registration statement, as amended. Copies of the preliminary prospectus relating to this offering may be obtained from B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, VA 22209, by telephone at 1-703-312-9580 or by email at prospectuses@brileyfin.com.

No action has been taken in any jurisdiction, other than the United States and the Republic of Korea, for the registration of the securities of the Company in connection with any offer to sell or the solicitation of an offer to buy any securities of the Company.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual events may differ materially from current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes to the market for securities, political or financial instability and other factors which are set forth in the Company’s registration statement on Form F-1, as amended, and annual report on Form 20-F and in all filings with the SEC made by the Company subsequent to the filing thereof. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
Joe Sigrist
ir@doubledown.com
+1 (206) 408-7545
Chief Financial Officer
https://www.doubledowninteractive.com

Investor Relations Contact:
Cody Slach, Jeff Grampp
Gateway Group
1-949-574-3860
DDI@gatewayir.com

FAQ

What is the offering price of DoubleDown Interactive's IPO?

The offering price of DoubleDown Interactive's IPO is $18.00 per American Depositary Share (ADS).

How much gross proceeds is DoubleDown Interactive expecting from their IPO?

DoubleDown Interactive is expecting gross proceeds of $113.7 million from their initial public offering.

What is the ticker symbol for DoubleDown Interactive on NASDAQ?

The ticker symbol for DoubleDown Interactive on NASDAQ is DDI.

What are the net proceeds expected to DoubleDown Interactive from the IPO?

The net proceeds expected to DoubleDown Interactive from the IPO are approximately $86.5 million.

Who is managing the IPO for DoubleDown Interactive?

B. Riley Securities is acting as the sole bookrunner for the IPO, with CBRE and Northland Capital Markets as co-managers.