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King Digital Entertainment, the maker of the hit puzzle game “Candy Crush Saga,” priced its offering at $22.50 a share Tuesday, according to a person briefed on the matter. That was the midpoint of an expected price range. Still, that values the company at just over $7 billion in one of the biggest initial public offerings so far this year.
Now King must convince its new investors that it can come up with new hits to replace its aging cash cow, avoiding the missteps of other game makers that failed to duplicate previous successes.
Its much-anticipated arrival on the public markets signals the continued hot streak of the IPO market, as companies hope to seize on buoyant stock markets and eager stock buyers. I