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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app