Swedish games giant in $5 billion float: Report

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Swedish games giant in $5 billion float: Report

Swedish gaming giant, creators of the hit Candy crush saga, are mooted to float on the Nasdaq exchange with an initial valuation of $5 billion but the company has said the reports are "pure speculation".


Britain's Daily Telegraph reports that King has spoken with JP Morgan, Credit Suisse and Bank of America about the initial public offering (IPO) and has hired Hope Cochran as their chief financial officer. Cochran led the float of US technological firm Clearwire in the past.

"Right now there is no actual statement from the company on any potential float. These reports are pure speculation," Martin Bunge-Meyer, PR manager for King told The Local.

He added the hiring of Cochran may have led the media to forecast an imminent float.

"There has been speculation for the last one or two years especially in the Swedish media about this. Some of the reports may be influenced that we hired a new CFO. We will inform the media when there is something to say," said Bunge-Meyer.

The brand was founded a decade ago by a group of Swedes and an Italian and maintains offices in Malmö and Stockholm. Its Candy crush saga game is the most played game on Facebook with King having over 200 million monthly players of their various games.

King's corporate headquarters are in the UK but most of its games are developed in Sweden. The firm currently has nine offices around the world and employs a staff of 450.

In a feature on The Local last June the company's game director Daniel Persson said its Swedish approach was key to their recent success.

"Our philosophy is that it is a flat organization where everybody is close to the decision makers. The individual has a big say in what is going on. We don't want people to feel disconnected," he said.

The Local/pr

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