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"Candy Crush," which was first launched on Facebook in April 2012, was released on Apple devices in November that year and on Android devices a month later. Unlike companies like Twitter that went public last year with no profits on their balance sheet, King has been profitable since 2005. In February, King said an average 144 million daily active users played its games more than 1.4 billion times per day. King raised about $500 million in its IPO. King sold 15.5 million shares of the 22.2 million offered, with the rest coming from stakeholders including private equity firm Apax Partners, which remains the biggest shareholder. "Having a stable group of global franchises is really what we're focused on." "To us it's not about today but (a run) over the course of years and executing our plans," King's chief financial officer Hope Cochran said in an interview. The title has since landed on the list of top 10 highest-grossing apps on Apple's iOS platform, but whether the game will prove to be a money-making title in coming months remains to be seen.ĭespite its first-day fizzle, the company's real test will be to convince investors that it can build a sustainable business. Analysts have pointed out that "Farm Heroes Saga" has seen momentum since its January mobile launch. There are some signs new titles from King's portfolio may be gaining traction. JP Morgan, Credit Suisse and BofA Merrill Lynch were the lead underwriters for the offering. King's shares closed down about 16 percent at $19.00 on Wednesday.
Today's action also says investors are not going to ignore fundamentals." "There are a lot of IPOs in the pipeline so investors are not starving.and are being picky. "This was mispriced," Sterne Agee analyst Arvind Bhatia said of the King debut. "FarmVille" maker Zynga's market value has since shrunk to just over $4 billion, falling victim to concerns about the danger of investing in companies that rely heavily on a hit game. When Zynga debuted in 2011 with about the same valuation as King, its stock ended down 5 percent on opening day. Zynga shares fell over 4 percent, while smaller player Glu Mobile slipped 4.5 percent. King's dismal debut dragged down other gaming stocks on Wednesday. Using the "freemium" model, King makes money by selling players extra lives and other add-ons.
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"Also, there've been a lot of high priced IPOs and mergers and acquisitions (of late) and when valuations get frothy, investors get disappointed when returns don't measure up to expectations."Ĭandy Crush, a free game, is now a household name and has been downloaded more than 500 million times since its launch on mobile devices. How many bands were the Beatles?" Roger Kay, analyst at research firm Endpoint Technologies Associates said. "Once you have a hit, it's hard to make a string of hits. The company offers over 180 games but its two-year-old "Candy Crush Saga" game, in which users move candies to line up at least three of the same color, accounted for over three-quarters of King's revenue for the last three months of 2013. tech IPO and the second-worst performing after textbook rental and academic service company Chegg Inc, which plummeted 23 percent, according to Thomson Reuters data. Since Twitter's market debut in November, King's IPO was the largest U.S.
Mobile game industry executives had looked to London-based King's IPO, the largest by a gaming company since Zynga Inc went public in 2011, to help sweep aside skepticism over a notoriously fickle, volatile market.īut King's shares fell to a low of $18.90 in afternoon trade from their IPO price of $22.50, which valued the company at about $6 billion.
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