On May 2, SciPlay Corporation, a subsidiary of Scientific Games Corporation, announced the pricing for their initial public offering (IPO), expected to be 22 million of class A common stock shares. The original price, according to the release, would be $16 per share, with the underwriters being granted a 30-day option to be able to purchase an additional 3.3 million of the class A common stock shares.
It was announced in late April that the initial IPO for SciPlay was about ready to head to the market. The social gaming division of Scientific Games was ready to begin the public trading of the stock and had applied for the initial application through the U.S. Securities and Exchange Commission (SEC).
The initial sale of the shares was expected to be somewhere between $14 up to $16. However, as of May 3, the value had gone down to $15.18 per share an 11% decrease. It was still a significant increase over the low value that the company was originally willing to accept.
The IPO lock-up period is set for the next 180 days. This prohibits insiders from being able to acquire shares of the company stock before it went public or to trade stock during the 180 day period.