New York-listed Scientific Games Corp commenced the initial public offering of a minority stake in its social gaming business on Monday, with shares at between $14 and $16 per share.

The SciPlay social gaming business will initially offer 22 million Class A shares in the indicated price range, alongside a 30-day option for underwriters to purchase an additional 3.3 million shares, which will be traded on the Nasdaq Global Select Market under the ticker symbol SCPL.

The company has appointed Bank of America Merrill Lynch, J.P. Morgan and Deutsche Bank to act as lead book-running managers for the offering, with Goldman Sachs, Morgan Stanley, Macquarie Capital and RBC Capital acting as book-running managers.

The social gaming business reported preliminary estimated revenue of between $117m and $119m for the first quarter of 2019 compared to $97.5m a year ago, with net income of between $13m and $15m versus a $1.1m loss in Q1 2018.

The estimated increase in Q1 2019 net income was attributed to higher revenue as well as lower operating expenses, which benefited from an $18m decrease in contingent acquisition consideration.

Shares in Scientific Games Corporation (NSQ:SGMS) closed up 0.35 per cent at $22.76 per share in New York Monday.