WEB DESK – The famous smart phones’ hit Candy Crush Saga has now the price tag of $ 7.1 billion as its Initial Public Offering (IPO) being made.
The maker of Candy Crush Saga is King Digital Entertainment which went ahead for the IPO despite some objections of whether the value of famous game could be maintained or not.
The offering marks the largest United States IPO from a booming mobile gaming industry that has been keen to emerge from the shadow of Zynga Inc, the social gaming firm that lost half its value after a 2011 IPO that valued it just below King at $7 billion.
London-based King priced its IPO at $22.50 per share, with the stock to debut on the New York Stock Exchange on Wednesday. Its offering of 22.2 million shares would raise about $500 million at that price.
Founded in Sweden in 2003, the company has drawn plaudits for transforming “Candy Crush Saga” into a household name that was the most downloaded and top-grossing free app of 2013 on Apple Inc’s app store.
King, formerly known as “King.com”, was saved from bankruptcy only by a last-minute infusion of investor capital on Christmas Eve in 2003 and survived to eventually turn a profit in 2005 and every year since.