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Apax-backed King Digital Entertainment prices IPO at $21 to $24 per share

12 Mar 2014

candy crush sagaVenture capital-backed King Digital Entertainment – best known for its Candy Crush Saga puzzle game – has priced its upcoming IPO at $21 to $24 per share, which could value the mobile gaming group at over $7.5bn.

The offering will include 15.5m King Digital shares including 3.37m owned by its venture capital backer Apax Ventures to reduce its stake to 44.8 per cent from 48.2 per cent, according to a document filed with US securities regulators.

Another venture capital firm, Index Ventures, will sell 600K shares to cut its stake to 7.8 per cent from 8.3 per cent currently.

The company expects to raise just over $530m via the IPO. Last month it filed to raise $500m.

JP Morgan, Credit Suisse, BofA Merrill Lynch, Barclays, Deutsche Bank and RBC Capital Markets are acting as bookrunners for the IPO.

The company’s games were played more than 1.2bn times by an average of 128m daily active users.

Its revenues climbed to $602m in the final quarter of 2013 from only $22m in the first three month period of the previous year.

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