King valued at $7bn after NYSE listing

Mobile games developer King, creator of the hugely successful Candy Crush Saga mobile game, has been valued at over $7 billion (€5.1 billion) after it raised $500 million by listing on the New York Stock Exchange.

The company sold 22.2 million shares priced at $22.50 each, an amount that falls at the mid-point of the range King initially set.

King said that it now plans to use the money raised for “working capital” and “other general corporate purposes, which may include acquisitions”.

The company’s plans to float on the New York Stock Exchange were first reported by iGaming Business last month (February). The firm’s shares will start trading on the New York Stock Exchange today (Wednesday).

King’s revenue for 2013 totalled $1.88 billion, giving King a profit of $568 million.

The Candy Crush title was the most downloaded free mobile application of 2013 and was responsible for more than three-quarters of the firm’s total 2013 revenue.

The Pet Rescue Saga and Farm Heroes Saga, along with Candy Crush Saga, accounted for 95% of total revenue in the fourth quarter of 2013.

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