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Candy Crush Saga dev King files for $500 million IPO

Looking to cash in on 130 million userbase
Candy Crush Saga dev King files for $500 million IPO

Candy Crush Saga developer King has publicly filed for an initial public offering (IPO) for up to $500 million on the New York Stock Exchange.

The firm, which is headquartered in the UK but also operates in Sweden, confidentially filed for an IPO with the Securities and Exchange Commission in the US last summer according to "people familiar with the matter" cited by The Wall Street Journal.

"We are a leading interactive entertainment company for the mobile world," details King in its prospectus summary.

"We believe we have a repeatable and scalable game development process that is unparalleled in our industry. We have put the long-term retention of our players at the heart of our business model."

Top of the pops?

King, which operates several games across mobile and Facebook, currently boasts a daily active userbase of almost 130 million, though Candy Crush Saga accounts for more than 70 percent of that player base.

Indeed, back in December it was reported that King had delayed its IPO based on concerns that Candy Crush Saga was 'too successful' and might lead potential investors to view the company as a 'one hit wonder'.

In the intervening months, King has opted to push its new IP via television commercials across the US and Europe, which the firm has also begun advertising Candy Crush Saga in Japan.

Papa Pear Saga

The Wall Street Journal claims King has hired bankers from J.P. Morgan Chase & Co., Credit Suisse Group AG, and Bank of America Merrill Lynch to manage the stock offering.

King has not revealed how many shares will be available in the IPO or the projected price range.

[source: King]