No Money Like App Money: Candy Crush Files For $500 Million IPO
King, the game developer and maker of the hugely popular Candy Crush saga, filed for an IPO today. As the game heads towards a future as a publicly traded company on the stock market, reports say that King hopes to raise $500 million from investors who, the company hopes, will be impressed by their numbers.
King boasts an average of 128 million active users who play their games over 1.2 billion times per day. Candy Crush itself makes up a large chunk of those numbers, with the game attracting 93 million active users who play a total of over a billion times daily, according to USA Today.
Along with GoPro, the game developer will become the latest tech company to hit the stock market in what some are labeling the second tech bubble. Unlike most of his company's peers, however, King is currently boasting impressive numbers in profit.
The company is said to have generated a whopping $1.9 billion in revenue, $568 million of which it took home as profit. To compare, Twitter, which makes no profit, debuted on the stock market at $26 per share and began trading today at over double that price -- $57, to be exact.
As with its numbers in active users, King seems to owe much of his monetary success to the creation of Candy Crush. The company made a jump in profit to well over the $500 million mark in 2013, just a year after creating the notoriously addictive Candy Crush in 2012, during which it only recorded $7.8 million in profit.
That success has seemingly prompted the company to take itself, and all 180 of the games it has created, to Wall Street with a belief that it's a business is like no other.
"We believe we have a repeatable and scalable game development process that is unparalleled in our industry," King said in its IPO filing.