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Candy Crush games developer King valued at over $7bn | |
(35 minutes later) | |
The games developer behind Candy Crush Saga, King, has been valued at over $7bn (£4.2bn) after it raised $500m listing on the New York Stock Exchange. | |
It sold 22.2 million shares priced at $22.50 per share - the mid-point of the range the firm had initially set. | It sold 22.2 million shares priced at $22.50 per share - the mid-point of the range the firm had initially set. |
King said it plans to use the money raised for "working capital" and "other general corporate purposes, which may include acquisitions". | |
Candy Crush was the most downloaded free mobile app of 2013. | |
It is the most popular offering from King - which has a portfolio of of more than 180 games. | |
The game's popularity saw King's revenues rise to $1.8bn in 2013, from just $64m two years ago. | |
But there have been concerns that the firm relies too heavily on Candy Crush and that if its popularity faded, the company's revenue and profits would be hit. | |
According to the company, its top three games - Candy Crush Saga, Pet Rescue Saga and Farm Heroes Saga - accounted for 95% of its total revenue in the fourth quarter of 2013. | |
The firm's shares will start trading on the New York Stock Exchange on Wednesday. |
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