Digital gaming company Snail to offer 5 million shares in IPO priced at $5 to $7 each

Snail Inc., a digital entertainment company that offers gaming on a variety of platforms, set terms for its initial public offering on Monday with plans to offer 5 million shares priced at $5 to $7 each. The company would raise $35 million at the top of that range at a valuation of $350 million, based on the 50 million shares to be outstanding once the deal is completed. The company has applied to list on Nasdaq under the ticker ‘SNAL.’ US Tiger Securities and EF Hutton are underwriters on the deal. The company had a net profit of $13.6 million in the first six months of the year, up from $4.8 million in the year-earlier period, according to its filing documents. Revenue rose to $58.8 million from $43.5 million. The California-based company said its flagship franchise is “Ark: Survival Evolved.” The Renaissance IPO ETF IPO, -4.67% has fallen 54% in the year to date, while the S&P 500 SPX, -2.37% has fallen 25%.