Upswing Poker (UP) has revealed its latest public offering, valued at $2.5 billion, with the shares listing on the New York Stock Exchange on Wednesday.
Key points:UP’s new IPO is the latest in a string of publicly traded US POKER companies to hit the market since the financial crisisUP’s IPO is expected to raise more than $1 billionIn a statement, the company said it was raising the price by as much as 2.5% for a total of $2,528 per share, or $1.50 per share.
The stock has risen more than 70% since the company’s debut in April, and has gained more than 25% in the past month.
“The shares are trading in the range of where investors are buying and selling them, but it will be very interesting to see how they move, particularly in the coming days,” analyst and partner at the research firm KPMG Peter McAllister said.
“Upswing Poker is still very young and it is unclear if it can break even by the time it reaches the end of its IPO and that may put pressure on its share price.”
The company, which is based in Washington state, has about 6,200 players and about 5,500 employees.
The company said its investors include the likes of Amazon founder Jeff Bezos, Facebook’s Mark Zuckerberg, Amazon CEO Jeff Bezos and Apple founder Tim Cook.
The IPO is a $1bn (£639m) round led by the US government and was completed on Tuesday.
It comes just months after Upswing POKer raised $1,000,000 from the Securities and Exchange Commission (SEC) to open a new headquarters in Seattle.
In August, it said it would spend more than three times as much on advertising as it did on the poker software and was now using its $3 billion in cash to buy and develop other games.