King seeks sweet deal with Candy
The makers of smart phone game Candy Crush Saga, said it priced its initial public offering at $22.50 (£14) per share – the midpoint of its expected $21-to-$24 price range – value the company at roughly $7bn (£4bn).
King Digital Entertainment shares are to begin trading on the New York Stock Exchange today. Some investors said the fact the IPO was priced in the middle of the range reflects concern that so much of King's success is down to Candy Crush alone.
King is one of the most valuable technology firms to float in years. Its offering of 22.2 million shares would raise about $500m (£300m) at the IPO price. JP Morgan, Credit Suisse and BofA Merrill Lynch are the joint book-running managers.