Candy Crush' Creator Claims Company Will Be Worth More Than $7 Billion At IPO
King Digital Entertainment, the Dublin-based mobile game developer that made Candy Crush and 180 other titles, says it plans to price its shares between $21 and $24 each, which would value the company at more than $7 billion.
After the company first announced that it was filing for an IPO, its hopes were to raise $500 million dollars by hitting the stock market. Since then, however, King has revised its prospective and with it, the price at which it plans to sell shares.
According to the New York Times, the company now hopes to raise $532.8 million at a valuation of $7.6 billion.
Such a valuation would give King a worth that is higher than established companies like Goodyear Tires, E*Trade Financial, ADT Security, Urban Outfitters and GameStop Corp.
King is headed for the stock market on the back of a successful 2013, during which the company generated $1.9 billion in revenue and took home $538 as profit.
Much of that success has been attributed to the development of Candy Crush, which was released in 2012, a year during which King only generated $7.8 million in profit. Candy Crush loyalists account for 97 million of the more than 128 million daily active users that play King-developed games.
The company plans to list its stock on the New York Stock Exchange, fittingly, under the ticker symbol KING.