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Candy Crush King confirms New York IPO

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Candy Crush King confirms New York IPO
Photo: Jessica Gow/TT
14:21 CET+01:00
King, the Swedish game makers behind app giant Candy Crush, confirmed on Tuesday that it plans to list shares on the New York Stock Exchange.
 
King Digital Entertainment, founded in Sweden with offices in Stockholm and Malmö, said the listing has been in the works since last autumn.
 
"The number of shares to be offered and the price range for the offering have not yet been determined," King said in a statement, the Reuters news agency reported.
 
King, which is headquartered in London despite its Swedish roots, is behind Candy Crush Saga, an app that has taken the world by storm and boasts over 500 million downloads. The app raked in the most money on Apple's 2013 global app list and was the most downloaded app worldwide.
 
The game, which is free to download, pulls in money from in-game services and additional help. Users can also pay to avoid waiting times between levels. In December, King reported that Candy Crush had 290 million users a month, 60 percent of whom have paid money for the experience. The company earned profits of $568 million on turnover of $1.89 billion in 2013, according to a prospectus released in conjunction with news of King's exchange listing application.
 
King, which created another 180 games including Pet Rescue Saga and Farm Heroes Saga, will attempt to raise as much as $500 million in an initial public offering.
 
The news comes a day after news emerged that Spotify was looking to hire experts in US financial reporting, leading to speculation the Swedish digital music service was also eyeing an IPO in the near future.
 
 

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