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Candy Crush executives to make $2.2bn after float Candy Crush bosses to make millions from $7.7bn New York float
(about 5 hours later)
The float of the studios behind the hit game Candy Crush Saga could see 11 executives amass a combined $2.2 billion on paper when the firm floats on the stock market later this year. UK executives at the games studio behind Candy Crush Saga are set to make millions more than initially thought from the company’s stock market listing, after the developer was today valued at up to $7.56 billion (£4.55 billion)
The London-based boss of games studio King is set to make up to $745 million when it floats on the New York stock exchange. King, which has a major office near Tottenham Court Road but is domiciled in Dublin, has set a price of between $21 and $24 per share for its New York Stock Exchange listing later this year.
Riccardo Zacconi will bank as much as $16.5 million offering shares in the company, while his remaining holding will be valued at $728.5 million if King prices at the top end of its valuation. The pricing values King at between $6.6 billion and $7.56 billion, with the top end over $ billion more than initial estimates. If the company floats at the top end of expectations 11 executives at King will be worth a combined $2.2 billion on paper.
King has set a price of between $21 and $24 per share for its listing on the New York Stock Exchange, valuing the company at up to $7.56 billion, more than the $5 billion initially expected. King’s London-based chief executive Riccardo Zacconi stands to make up to $745 million from the listing. Zacconi will bank as much as $16.5 million offering shares in the company, while his remaining holding could be valued at $728.5 million.
King’s chairman, Yorkshire-based entrepreneur and former Derby County FC director Mel Morris, is set to make up to $20.4 million from his offering, while his remaining stake could be valued at as much as $854.8 million. Yorkshire-based entrepreneur and former Derby County FC director Mel Morris, King’s Chairman, is set to make up to $20.4 million from offering shares, while his remaining stake could be valued at as much as $854.8 million.
King’s management could also see their windfalls reach even higher if the float is over subscribed.King’s management could also see their windfalls reach even higher if the float is over subscribed.
King, which has a major office near Tottenham Court Road but is registered in Dublin, hopes to raise $612 million from the stock market listing, with 22.2 million shares being offered. 15.5 million will come from King and its executives, with the remainder coming from existing shareholders. The company hopes to raise $533 million from the stock market listing, with 22.2 million shares being offered. 15.5 million will come from King and its executives, with the remainder offered by existing shareholders.
London-based venture capital firm Apax Partners will make up to $3.4bn, while Index Ventures could be as much as $599 million better off.London-based venture capital firm Apax Partners will make up to $3.4bn, while Index Ventures could be as much as $599 million better off.
King was founded in 2003 by Zacconi and Toby Rowland, son of former Lonrho chief executive and Observer owner Roland “Tiny” Rowland.
The company originally developed small-stakes gambling games for sites such as Yahoo and MSN, before launching games on Facebook and mobile.
Candy Crush Saga, launched in 2012, has been a huge hit for the company and the smartphone version of the game has been downloaded more than half a billion times. The game helped propel it from a loss of $1 million in the first quarter of 2012 to a $159 million profit in the final three months of 2013.
But King admits that a risk to investors is the fact that 78 per cent of all its revenues come from Candy Crush.