Candy Crushed? King Ends Its IPO Day On A Low Note

Investor wariness wins out, as its stock falls 15.5% below its IPO price.

Candy Crushed? King Ends Its IPO Day On A Low Note

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.

About the author

Chris is a staff writer at Fast Company, where he covers business and tech. He has also written for The Week, TIME, Men's Journal, The Atlantic, and more.