Candy Crush Saga's developer goes public, loses almost $1 billion
0. phoneArena 27 Mar 2014, 10:36 posted on
King, the developer behind the wildly-popular Candy Crush Saga, went public yesterday, but the price of its shares quickly fell below the $20 mark. The game company hoped to establish a market value of around $7.6 billion via an IPO (initial public offering) and it hoped to sell roughly 22 million shares priced at $22.50. However, the price of King's stocks quickly fell down 16% to $18.90, bringing the game developer's value to roughly $6 billion. The London-based company succeeded in selling just 15.5 million shares during the first day of its IPO...
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2. drazwy (Posts: 120; Member since: 15 Jan 2014)
Oh no! Only 6 billion? What ever will they do?
11. Reluctant_Human (Posts: 847; Member since: 28 Jun 2012)
It's only a matter before this app stock bubble pops. These companies are being valued way too highly.
22. sgtdisturbed47 (Posts: 167; Member since: 02 Feb 2012)
It'll be a few years before that happens though. Even silly, small games can go big and gross millions immediately, because it's very easy to make in-app purchases with debit/credit cards that are stored on-file. The nature of the "easy purchase" makes these games explode.
26. Reluctant_Human (Posts: 847; Member since: 28 Jun 2012)
That's true but they don't want warrant billion dollar evaluations. The only app company that can come close to that is rovio because of the licencing deals with the angry birds series.
3. Deadeye37 (Posts: 78; Member since: 25 Jan 2011)
Not a big fan of the company due to them trademarking extremely common words like 'candy' and 'saga'. Burn baby burn!
4. hortizano (Posts: 23; Member since: 22 May 2013)
Yeah, this is laughable.. most of us are worried about making ends meet.. and they are worried about been valued at ONLY 6 billion.. First world problems.
6. Commentator (Posts: 2348; Member since: 16 Aug 2011)
What's Candy Crush?
(Seriously, I've never seen how it works. Is it like Bejeweled or something?)
16. Sniggly (Posts: 6821; Member since: 05 Dec 2009)
It's similar to Bejeweled, except you can make combos out of any "same" pieces so long as they're adjacent in some way (as opposed to Bejeweled, where you could only connect combos in the cardinal directions and straight lines.
17. hortizano (Posts: 23; Member since: 22 May 2013)
Quickly, someone post this guy a link to it... He might enjoy it...
10. FoxDavis (Posts: 41; Member since: 12 Jul 2012)
So glad. I deleted from all my devices. I do not care for this company cause the trademark issue.
12. marbovo (Posts: 621; Member since: 16 May 2013)
Just one game and the company already goes public?!?!
14. Sniggly (Posts: 6821; Member since: 05 Dec 2009)
Honestly, it's a bit of karmic justice considering they stole their entire game concept from an independent developer, then did their best to crush him (no pun intended) when he objected.
15. LeBrownJames (Posts: 82; Member since: 17 Mar 2014)
A private company who's been doing great should think twice before going public, especially if they only became famous just of few products (or game). Just ask Eike Batista.
18. xoxoGeorges (Posts: 194; Member since: 11 Jul 2013)
That's what they get for adamantly refusing WP.
19. JMartin22 (Posts: 763; Member since: 30 Apr 2013)
I hope it burns to cinders, they're right up there with Mobage, Gameloft, Glu Mobile and others when it comes to the extreme money pit economics of their microtransaction/in-app purchases. To me, mobile gaming is dead.
20. xche78x (Posts: 101; Member since: 11 Mar 2014)
Is this Karma? Those selfish pricks! Trademarking candy and saga, the greediness must end...
23. lyndon420 (Posts: 1716; Member since: 11 Jul 2012)
I'm pretty sure I read somewhere that they ended up withholding said patents after all - most likely due to all the negative press it generated.
21. PK1983 (Posts: 166; Member since: 08 Aug 2012)
King is a horrible, greedy company with no innovation. Can't wait for them to go the way of Myspace and Zynga.
25. corporateJP (Posts: 1548; Member since: 28 Nov 2009)
Karma isn't yet done with these guys....