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King Digital Entertainment prices IPO at $22.50 per share

26 Mar 2014

candy crush sagaKing Digital Entertainment has priced its IPO at $22.50 per share, which values the mobile game group behind Candy Crush Saga at $7bn.

The IPO price is around the middle of the indicative range of $21 to $24 per share.

King, which is backed by private equity firm Apax Partners, will make its debut on the New York Stock Exchange today, trading under the symbol KING.

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.

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

King’s¬†revenues climbed to $602m in the final quarter of 2013 from only $22m in the first three month period of the previous year.

In the meantime, Apax is preparing to launch a $500m fund to invest in Israel.

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