Apax-backed Candy Crush developer to float

The London-based games maker is believed to have submitted confidential S-1 paperwork to the SEC outlining its plans to float on the Nasdaq. The business could be worth up to $5bn, according to the Telegraph.

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.

King was founded in 2003 and is headquartered in London with a development centre in Stockholm, Sweden. The company employs approximately 400 staff and reportedly generated turnover of €44.7m in 2011.

Its website, King.com, is available in nine languages and seven currencies. The company has experienced rapid growth following the release of its Candy Crush Saga game. King.com launched on Facebook in October 2010 and is now one of the company's major sources of revenue.

Apax was not yet available for comment.

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