Candy Crush Developer's IPO Turns Sour on Market Debut
 

Candy Crush Developer's IPO Turns Sour on Market Debut
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King Digital Entertainment is trading sharply lower in its first hours as a public company.

Shares in the maker of Candy Crush Saga moved as much as 15% below its $22.50 opening price on Wednesday morning, indicating that investors have become wary of mobile gaming companies that rely on revenue from hit games.

See also: 'Candy Crush' Is Bigger Than Twitter, But Probably **t For Long


The highly anticipated launch of King shares on the open market included a large flag draped across the New York Stock Exchange.

Candy Crush accounted for 78% of the company's fourth-quarter revenue in 2013, garnering comparisons to other gaming companies like Zynga. King raised just shy of $500 million in its IPO, which valued the company at about $7 billion. Read more...

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