SAN FRANCISCO- King Digital Entertainment raised a sweet half-billion dollars on Wall Street, and now it is time for the market to show its taste for the makers of mobile game Candy Crush.
The British game developer priced its initial public offering at $22.50 per share on the eve of the sart of public trading Wednesday on the New York Stock Exchange.
King will trade under the ticker “KING” with an opening market valuation of $7.1 billion.
The money raised in the issue could reach $574 million depending on demand for an additional 3.33 million that could be issued underwriters, the company said.
King’s arrival on the stock market comes as investors are keen to buy into the next Internet rising industry star but wary of young companies being overvalued, especially in the world of games where popularity can be fleeting.
Established in 2002, King’s business has soared in the last two years thanks to the spectacular popularity of Candy Crush Saga, which boasts some 97 million players worldwide.
The Tetris-like format requires players to line up sweets and bon bons through 500 increasingly difficult levels.