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Candy Crush maker King to float stock in US | Candy Crush maker King to float stock in US |
(about 1 hour later) | |
King, the computer games developer behind Candy Crush Saga, has filed to float on the New York Stock Exchange. | King, the computer games developer behind Candy Crush Saga, has filed to float on the New York Stock Exchange. |
The British technology firm has not yet revealed the number of shares to be offered, or their price range. | The British technology firm has not yet revealed the number of shares to be offered, or their price range. |
However, its filing in the US reveals its "proposed maximum aggregate offering price" - the amount it is hoping to raise from the initial public offering (IPO) - is $500m (£300m). | However, its filing in the US reveals its "proposed maximum aggregate offering price" - the amount it is hoping to raise from the initial public offering (IPO) - is $500m (£300m). |
Candy Crush was the top downloaded free mobile app of 2013. | Candy Crush was the top downloaded free mobile app of 2013. |
It has been downloaded more than 500 million times since its launch in 2012. | It has been downloaded more than 500 million times since its launch in 2012. |
The game's popularity helped King Digital Entertainment to reach revenues of more than $600m in the final quarter of 2013, and profits of about $160m in the same period. | The game's popularity helped King Digital Entertainment to reach revenues of more than $600m in the final quarter of 2013, and profits of about $160m in the same period. |
King says that, as of December last year, its 150 games were played more than 1.2 billion times per day. | King says that, as of December last year, its 150 games were played more than 1.2 billion times per day. |
Analysts have valued the firm at more than $5bn. | Analysts have valued the firm at more than $5bn. |
The title's impact on the company has been clear. | |
Before Candy Crush, in 2011, King took $64m in revenue. In 2012, Candy Crush mania had well and truly taken hold, helping the company bring in $1.88bn. | |
"It's got some fundamental issues," said Nicholas Lovell, director at Gamesbrief. | |
"Seventy-eight percent of its revenue has come from Candy Crush Saga. The concentration in one title is very big." |
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