Israeli mobile-games maker Playtika Holding (PLTK) launched its IPO in January 2021, selling its shares for $27 apiece on Nasdaq, raising $1.9 billion. Most of the IPO proceeds went to Playtika's main shareholder, Alpha Frontier, which has pocketed $1.66 billion from its Playtika share sales in total. Alpha Frontier is owned by a consortium of Chinese investors that is controlled by Shanghai billionaire Shi Yuzhu, securities filings show. MarketWatch could not reach Yuzhu for comment, and Playtika declined to comment. Playtika's shares recently traded at $14.15, 48% below its IPO price.
Then there's the Honest Company. The Jessica Alba--founded company went public in May 2021, selling shares for $16 each and raising $474 million. The IPO proceeds mostly went to L Catterton, which received $297 million. The private-equity firm's co-CEO, Scott Dahnke, sits on the Honest Company's (HNST) board. Today, the Honest Company's stock is changing hands near $3.25. L Catterton declined to comment. Before and after the 78% post-IPO plunge in the Honest Company's stock, Alba has never sold a share.
(END) Dow Jones Newswires
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