King shares drop 15% in first day of trading

The initial price was set at $22.50 a share valuing the company at $7bn, but shares closed on $19 each on the first day of trading, giving a market cap of less than $6bn.

Existing stakeholders in the company include Apax Partners and Index Ventures. Prior to the flotation, Apax was King's largest shareholder with a total of 57.7 million shares owned, equivalent to a 48.2% stake, according to the company's F-1 filing with the SEC.

King announced its intention to float in February 2014 with JP Morgan, Credit Suisse and Bank of America Merrill Lynch appointed as lead underwriters.

Apax backed King in September 2005 when the company was called Midasplayer – it changed its name to King the following November. According to unquote" data, Apax and Index Ventures invested €34m in the business in exchange for minority stakes.

In its registration statement King stated that Candy Crush Saga has 97 million daily active users. The figure for the company's second most popular game, Farm Heroes Saga, sits at 20 million.

In 2013 it had adjusted EBITDA of $824.7m, up from $28.5m the previous year. Its turnover rose from to $164.4m £1.8bn in the same period.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Technology
• United Kingdom
• Index Ventures
• Apax Partners