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British gaming firm King prices shares at $22.50 for US IPO

March 26
8:26 AM 2014

Candy Crush Saga maker and mobile gaming firm King has set the price of its shares at $22.50 in its initial public offering (IPO) in the US tomorrow. The company is expected to reel in $326 million in the deal which values it at over $7 billion, according to TechCrunch.

This long-awaited IPO will surely test the appetite of public investors for mobile gaming firms. Zynga was the last prominent gaming firm that went public. However, its shares plunged 75% after concerns broke out about the decline of its player base on Facebook, the report explained.

The British firm is scheduled to start trading on Wednesday on the New York Stock Exchange using the symbol "KING." The company will offer 15.3 million in the said deal. JP Morgan, BofA, and Credit Suisse were the lead underwriters for the IPO, Reuters detailed.

King closely missed bankruptcy through a last-minute investment on Christmas Eve in 2003. It then became profitable in 2005, the report added.

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