Candy Crush Saga IPO Tastes Bitter on First Trading Day
King Digital Entertainment, the company behind the ever-popular Candy Crush Saga game, became a public company today as it debuted on the New York Stock Exchange this morning at $20.50 per share (via TNW).
The Wall Street Journal, however, says that King originally planned to sell 22 million shares at a price of $22.50 per share, in the middle of the expected $21-$24 share price, as it values its business at $7 billion.
King has a portfolio of about 180 games, but the most renowned and widely adopted game is Candy Crush Saga, which accounts for roughly 80% of the company’s revenue. The game is popular on both iOS and Android, but now as a public company it needs to demonstrate that it can deliver other successful titles as well. The first trading day emphasized that, as KING closed the day down 15.56% at $19.
The company behind Candy Crush Saga originally filed for its IPO with the SEC last month, and it was listed starting today on the NYSE under the ticker “KING”.
Download Candy Crush Saga for iPhone, iPod touch and iPad [Direct Link]