Mobile games specialist Playtika has raised $1.88 billion through its initial public offering.

Bloomberg reported that the company itself and an existing investor sold a combined 69.5 million shares at $27 apiece. However, 21.7 were sold by Playtika while 47.8 came from the stockholder.

The shares' price exceeded expectations as Playtika had aimed for a price range of $22 to $24.

Trading on the Nasdaq Global Select Market begins today under the symbol PLTK.

Public potential

As previously stated, Playtika intends to use its newfound funds for a variety of corporate purposes, such as expenses, expenditures and working capital.

It is also thought that the company may look at repayments, as well as investment and acquisition opportunities.

The Israeli company first filed for an IPO back in October 2020. However, its public journey began in 2019 after its Chinese deal fell through.