King Digital, the developer of such hit mobile games as Candy Crush Saga and Farm Heroes Saga, was really hoping for its public IPO to take off when it launched on the New York Stock Exchange this week. Unfortunately, things didn’t turn out as sweet as planned.
The stock, trading under the name KING and opening at $22.50, ended its first day of trading down 15.56 percent to $19, with a total of 40.66 million shares changing hands.
For the first game-related public listing since Zynga made its debut in 2011, King was expecting a bigger impact. Instead the stock was one of the worst IPOs of 2014, with investors clearly concerned that King might be a one-hit wonder with Candy Crush Saga being responsible for more than 80 percent of the companys revenues.
Source: GamesIndustry International