King Prices Candy Crush Saga’s IPO
King Digital Entertainment has priced Candy Crush Saga‘s initial public offering.
According to the Wall Street Journal (via Polygon), King has valued Candy Crush Saga at $22.50 per share. This has set the value of the company around $7 billion. As Candy Crush Saga is the only property making the bulk of the company’s money, there has been concern among investors that the success of King is contingent on the one game’s success.
“We must develop new games and enhance our existing games so that our players will continue to play our games and make purchases of virtual items within our game,” King said.
The developer’s plan is to “regularly develop new games” and enhance their current offerings for both paying and non-paying players, with the focus on “encouraging the purchase of virtual items” within their games.
In an update on the story, Polygon stated that the share price for King went down more than 10 percent from the $22.50 it set on Tuesday, Mar. 25. This was just hours after trading opened.