King has released more details about its proposed IPO.

The F2P game publisher has announced it will sell 15.5 million shares for a price that will be set between $21 to $24 per share.

Investors Apax and Index Ventures will sell a further 6.7 million

The variation in float price gives King flexibility in terms of setting the initial share price to according to demand; something which can be difficult to judge before IPO.

Cash in hand

On that basis, the float will raise between $466 million and $533 million.

This is the gross amount, with King getting the net proceeds after the costs of floatation are paid, although it's always been clear that it doesn't need to IPO for cash reasons.

If it floats at the $24 share price, King's market capitalisation would be $7.55 billion.

In comparison, at time of writing, Activision Blizzard's market cap is $15 billion, EA's is $9 billion, Zynga's is $5 billion, and Glu Mobile's is $425 million.

But perhaps a better comparison is GungHo Online, which is the other company with a $1 billion mobile game. It's currently worth $7 billion.

Solid foundations

In terms of its fundamentals, King generated $1.9 billion in sales during 2013, while profits were a massive $568 million.

During Q3 2014, 73 percent of revenue came from King's mobile games, with Candy Crush Saga being dominant. After GungHo's Puzzle & Dragons, it was the second mobile game to generate $1 billion in lifetime revenues.

Across mobile and Facebook, it accounted for 78 percent of King's sales.

In December, King's games had an average of 128 million daily active users.

[source: SEC]