Candy Crush game maker King Digital’s shares tumble 10% from IPO price
Shares of King Digital Entertainment, the maker of the addictive Candy Crush game, tumbled Wednesday in their first day of trading on Wall Street.
The stock, priced at $22.50 a share in its initial public offering late Tuesday, began trading Wednesday on the New York Stock Exchange under the ticker symbol KING. It opened at $20.50 a share then dropped as low as $19.08 apiece before rebounding. About two hours into the trading day, the stock was changing hands at $20.20, down 10% from the IPO price..
King raised about $500 million in the IPO, valuing the company at more than $7 billion.
The firm’s NYSE debut brought out several of King’s colorful game characters onto the stock exchange’s trading floor, including a giant red strawberry, an oversized bear and others who roamed the floor:
Get in on Candy Crush’s hot IPO while there’s still time—i.e., before it goes to zero
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