Candy Crush Saga maker aims for $613M in IPO
Games maker King says $613 million is possible if it can offer 25.5 million shares at $24 each. That would give it an overall valuation of $7.6 billion.
King, the company behind the wildly popular Candy Crush Saga and other popular social games, has provided a look into exactly how much it thinks it can raise in its impending IPO.
The Securities and Exchange Commission (SEC) on Wednesday released an amended filing from King showing that the games maker plans to offer 22.2 million shares at its IPO and price them between $21 and $24. Another 3.3 million shares will be offered for over-allotments, should demand for the company's stock surge.
If King can offer all 25.5 million shares at a maximum offering price of $24, the company expects to raise $613 million. Based on all those figures, King is valued at $7.6 billion.
King, which plans to offer its shares on the New York Stock Exchange under the ticker symbol "KING," announced plans to file an IPO last month. The company did not, however, provide any details at that time on how many shares it would offer and at what price.
The figures from King shared Wednesday are not set in stone. Depending on the response to its shares, King could change its IPO price at the last minute or could decide to stick within its range. The information that the SEC released today is essentially an outline that's subject to change.
King did not say when it plans to file its IPO, but now that it's sharing figures, it appears to be marching toward that point quite swiftly.