‘Candy Crush’ maker King makes IPO debut for $7bn valuation

Washington, Mar. 26: Popular mobile game maker King Digital Entertainment PLC has reportedly headed for its public debut for an expected valuation of 7 billion dollars.

The maker behind ‘Candy Crush Saga’ sold its shares at 22.50 dollars, raising 344 million dollars for King and another 150 million dollars for early investors.

According to Fox News, the game maker and its shareholders sold 22.2 million shares and have granted underwriters the option to sell an additional 3.3 million shares.

King’s IPO debut has failed to garner investor interest evident in debuts by other consumer-aimed Internet companies like Facebook and Twitter.

Despite King turning a 567.6 million dollars profit last year as its revenue rose 11-fold to nearly 1.9 billion dollars owing to Candy Crush’s success, analysts are skeptical if King could repeat its past success.

The report said that King would begin trading under the ticker ‘KING’ on the New York Stock Exchange (NYSE), the same exchange that has Twitter in its kitty. (ANI)