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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.

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