New York-listed Scientific Games is moving forward with plans to spin off its SciPlay social gaming business.
The company has officially filed a registration statement with the US Securities and Exchange Commission relating to the proposed initial public offering, with the number of shares on offer and the price range yet to be determined.
The social gaming business now known as SciPlay has applied to list its Class A common stock on the NASDAQ Global Select Market under the ticker symbol SCPL.
Scientific Games revealed last November that it was considering an IPO for its social gaming business, which generated revenue of $415.9m in 2018 through popular games including 88 Fortunes, Quick Hit Slots, and Bingo Showdown, as well as more recent apps such as Jackpot Party app and the MONOPOLY-themed casino app.
Scientific Games said at the time that an IPO would provide greater flexibility to pursue additional growth initiatives specifically designed for its social gaming business, as well as unlocking additional value for the company’s stakeholders.
Proceeds from the IPO are expected to be used to write down debt.
Shares in Scientific Games Corporation (NYQ:SGMS) closed up 5.91 per cent at $21.85 per share in New York Friday.