King Digital, Candy Crush creator, sets IPO prices of $22.50
King Digital Entertainment has certainly hit a jackpot with the creation of Candy Crush, a game played by millions all over the world. Courtesy, the success of Candy Crush Saga, the company is all set to find out the amount of belief investors are able to place on its success.
King Digital Entertainment has placed an IPO offer of $22.50, which is the central point of its projected price range. On the basis of this pricing, this game creator has been able to raise funds to the tune of $500 million, thereby increasing its value to close to $7 billion, which is one of the highest IPOs till date in 2014.
With KING as the ticker symbol, this company is all set to start trade when the market opens on Wednesday. It will be exciting to see if they can convince investors in their potential to come up with newer games that can continue to rake in profits and increase the valuation of the company. This IPO offering is set to continue the "hot streak" in the share market.
Eager stock buyers coupled with a buoyant stock market has helped many companies come up with IPO offers and increase their trading, increasing the proceeds till date to $31.2 billion. As per data from Renaissance Capital, this is an increase of 70 percent as compared to the same time last year at the stock exchange.
Stock buyers are greedily lapping up the offering from the likes of Twitter, Box and Alibaba Group. King Digital Entertainment, which has been around for close to 11 years, has been able to garner as much attention as these companies, if not more, thanks to Candy Crush. There are close to hundred million users who play this game on a daily basis without falling prey to boredom as the game has endless levels and features. This game alone has overpowered other games such as Pet Rescue Saga and Farm Heroes Saga from the same company.