DoubleDown Interactive Announces Closing of $113,688,000 Initial Public Offering
DoubleDown Interactive Co., Ltd. (DoubleDown), a developer and publisher of digital social casino games, today announced that it has closed its previously announced initial public offering of 6,316,000 American Depositary Shares (the “ADSs”), each ADS representing 0.05 common share at a price to the public of $18.00 per ADS. The number of ADSs sold by the Company is 5,263,000, and the number of ADSs sold by a selling shareholder is 1,053,000. After underwriting discounts and offering expenses and estimated offering expenses, the Company expects to receive net proceeds of approximately US$86.5 million. The Company will not receive any proceeds from the sale of its ADSs by the selling shareholder.
The ADSs were offered pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-258032) previously filed with, and subsequently declared effective by, the U.S. Securities and Exchange Commission (the “SEC”).
In conjunction with the consummation of the offering, Il Sung Kang and Suk Ho Yun resigned as non-executive directors from the Company’s board in accordance with the terms of their appointment.