King Digital debuts on NY stock exchange
King Digital Entertainment, the company that produced addictive game Candy Crush Saga, has officially listed its shares on the New York Stock Exchange below its initial pricing levels even as the Initial Public Offering market remains strong in the country.
The company wasaiming to sell 22 million shares priced at $21 to $24 each. It will have 315 million shares outstanding after the Initial Public Offering. However, the company priced its shares at $22.50 Tuesday after the U. S. markets closed. King Digital, based in Dublin, Ireland, recorded revenue of only $164 million and $7.8 million in profit in 2012 but the popular game allowed the company to emerge as a leading player in the gaming market.
After the company launched the game, its sales rose $1.9 billion in 2013 and it recorded a profit of $567 million mainly due to the popularity of the game. The game is free to download and play but the players can buy extra moves and other boosters that allows them to accelerate faster through the game's several levels.
The company said that people played its games 1.4 billion times a day in February, up from 1 billion times a day in December.