King Digital Entertainment officially began life as a publicly traded company on Wednesday, but opened below its initial pricing levels on the New York Stock Exchange after weeks of breathless publicity.
Candy Crush Maker Fails to Crush It on IPO Day
King Digital shares sink below IPO price on its first day of trade.
On Tuesday, the maker of the addictive mobile game “Candy Crush” priced its shares at $22.50 after the U.S. markets closed. The gaming company, listed as “KING” on the Big Board, issued 22.2 million shares, giving the IPO (initial public offering) an initial value of just under $500 million.
Yet just hours after pricing, investors appeared to lose their taste for the game maker, which first rose to prominence as a Facebook application. The stock began trading at $20.50, sinking nearly 10 percent as buzz over the hotly-awaited IPO began to fade.
This article originally appeared on Recode.net.
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