The Seoul-based developer is seeking to raise up to $100 million in IPO on New York’s Nasdaq.
South Korea.- DoubleDown Interactive, a Seoul-based igaming developer has filed with the US SEC in a bid to raise up to US$100 million in an initial public offering (IPO). It plans to list on the Nasdaq under the symbol DDI.
The company currently offers four social casino and casual games, DoubleDown Casino, DoubleDown Fort Knox, DoubleDown Classic, and Ellen’s Road to Riches, and took US$281 million in revenue for the 12 months ending March 31.
It says its games have been installed over 100 million times to date and averaged over 3 million players per month in Q1 2020.
In a statement to the SEC DoubleDown said: “We have been an early pioneer in the social casino gaming segment and were among the initial publishers to launch a social casino game on the Facebook platform in 2010 with the release of DoubleDown Casino.”
“We have achieved consistent revenue growth and strong profitability. Our revenue was $273.6 million in 2019, up from $266.9 million in 2018. Our net income was $36.3 million in 2019, up from $25.1 million in 2018. Our Adjusted EBITDA was $101.7 million in 2019, up from $85.1 million in 2018.”
The company said its business had been positively impacted by lockdown measures in the United States: “Our DAU and number of payers have increased since the stay-at-home orders began across the United States. We expect this benefit to continue throughout the period of varying quarantine restrictions. However, there is no guarantee that these near-term trends will continue, particularly if quarantine or stay-at-home orders are not eased in coming months or if the pandemic experiences a second wave of infections.”
The Seoul, South Korea-based company was founded in 2008. Its headquarters is located in Seoul, while the main US engineering center is located in Seattle’s International District. The company employs 280 people.