The maker of addictive mobile game Candy Crush Saga has failed to impress investors in its first day of trading on the NYSE.
In early trading, shares in King Digital Entertainment PLC were down as much as 10 per cent to $20.22, following the company's successful IPO.
King Digital Entertainment PLC raised $499.5 million US in its initial public offering, valuing the Irish company at about $7.1 billion US. At its current stock price, the company is worth $6.4 billion.
Shares were initially priced at $22.50 each, the middle of the company's expectations, a figure investors found slightly too high.
King Digital had $1.88 billion in revenue last year. Its other top games include Pet Rescue Saga and Farm Heroes Saga. The company says it will use the proceeds of the IPO for working capital and other general corporate purposes.
- Investment & Company Information