News

Candy Crush Saga maker aims to raise $500M in IPO

Candy Crush Saga maker aims to raise $500M in IPO

CANDY CRUSH SAGA: The maker of the game is going public. Photo: Associated Press

(Reuters) – Mobile gamemaker King Digital Entertainment Plc, best known for the hit puzzle game Candy Crush Saga, said it planned to raise up to $500 million in an initial public offering.

The Dublin-based company had filed confidentially for an IPO with the U.S. Securities and Exchange Commission in September under the Jumpstart Our Business Startups (JOBS) Act.

King offers more than 180 games in 14 languages through mobile phones, Facebook and its own website. The company says its games are played more than 1 billion times a day.

Candy Crush Saga, which involves moving candies to make a line of three in the same color, was the top downloaded free app of 2013, and the year’s top revenue-grossing app.

The basic games are free, but players need to pay for add-ons or extra lives.

Candy Crush Saga has been downloaded more than 500 million times since its launch in 2012.

JP Morgan, Credit Suisse and BofA Merrill Lynch are among the lead underwriters.

King plans to list its common stock on the New York Stock Exchange under the symbol “KING”.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Tanya Agrawal and Avik Das in Bangalore; Editing by Ted Kerr and Sriraj Kalluvila)

Recent Headlines

8 hours ago in Viral Videos

The cicadas are coming …

24-overlay

Billions of cicadas will soon emerge after spending 17 years underground and they have a lot of catching up to do.

8 hours ago in Entertainment

Too much ice in your Starbucks?

starbucks265305906988

A federal lawsuit claims Starbucks regularly overfills its cold drinks with ice instead of using the advertised amount of coffee or other liquid in its plastic cups.

10 hours ago in Sports

Stuard wins in New Orleans after playoff

14-overlay

Journeyman Brian Stuard clinched his first PGA Tour title with a gripping playoff victory over fellow American Jamie Lovemark and South Korean An Byeong-hun at the weather-plagued Zurich Classic of New Orleans on Monday.