Better Days ahead after lukewarm IPO Debut?

The IPO debut of $DoubleDown Interactive(DDI.US)$, a South Korean gaming company was met with lukewarm response where it dipped below its IPO price of 18. Similarly to $Adagio Therapeutics(ADGI.US)$, $Weber Inc.(WEBR.US)$, $DoubleDown Interactive(DDI.US)$ went public in August, during the typical slower month for new issues. This was to be its second IPO attempt, where $DoubleDown Interactive(DDI.US)$ was priced at the lower end of expectations. The market opportunity for mobile games is still large and can be expected to generate at least moderate growth rates in the years ahead. A target price of 20 is reasonable for its lower valuation as compared to $Activision Blizzard(ATVI.US)$ and strong cash flow. The firm's financials appear healthy for now, showing increasing revenue,  growing operating profit, increased net income supported by higher gross margin albeit uneven cash flow from operations. The key drivers for its growth will be the potential of more advanced smartphones to generate more enhanced game experiences and continued investment by mobile game developers in sophisticated display presentation and game dynamics.