It's official: King ends its IPO day on a bitter note.
The company behind Candy Crush Saga priced its stock offering Tuesday night at $22.50, which, if met, would have valued the company at upwards of $7 billion. End of the day numbers show the company fell flat. Trading on the New York Stock Exchange under the symbol KING, the stock opened Wednesday at $20.50--8.9% below its IPO price--before falling to $19.58 in mid-afternoon trading. King closed the day at 4 p.m. ET at $19, or 15.5% below its IPO price.
It speaks to investors concerned with King's portfolio diversity--or rather, its lack thereof: 78% of King's revenue comes from Candy Crush Saga alone. Whether the company can replicate that digital magic or not, well, remains to be seen.