informa
News

King IPO falters on the New York Stock Exchange

UPDATE Social games giant King today launched its initial public offering, with the Candy Crush Saga company pricing its shares at $22.50 a pop. By market close, that price had fallen to $19.03.
Social games giant King today launched its initial public offering on the New York Stock Exchange, with the Candy Crush Saga company pricing its shares at $22.50 a pop. With its offering of 22.2 million shares in total, that means that the London-based company is looking to raise around $500 million at this price. Notably, King had originally set an initial range of $21 to $24, meaning this initial pricing has fallen directly in the middle of the estimated range -- which, according to analysts, may not be the greatest of signs. Sterne Agee analyst Arvind Bhatia told Reuters, "It's fair to say that if it was a very high-demand IPO, we would've seen the price at the upper end of the range. At the mid-point, it's a successful IPO but perhaps not a runaway success." King has already listed the potential risks behind its IPO, including the fact that the vast majority of its revenue comes from a single game, Candy Crush Saga. UPDATE: King's stock price slumped throughout the day, dropping 15 percent from its initial pricing to hit $19.03 per share by the time the market closed on King's first day of public trading.

Latest Jobs

Pocketwatch Games

Remote
01.05.22
Senior Gameplay Engineer

Disbelief

Cambridge, Massachusetts
01.07.22
Jr. Programmer

Gameloft Australia

Brisbane, Australia
01.06.21
Creative Director

Sucker Punch Productions

Bellevue, Washington
01.06.22
Senior Systems Designer
More Jobs   

CONNECT WITH US

Register for a
Subscribe to
Follow us

Game Developer Account

Game Developer Newsletter

@gamedevdotcom

Register for a

Game Developer Account

Gain full access to resources (events, white paper, webinars, reports, etc)
Single sign-on to all Informa products

Register
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more