The makers of Candy Crush Saga are turning to the public markets to try and cash in on their wildly popular game. London-based King Digital Entertainment announced Tuesday that it had filed a registration statement with the Securities and Exchange Commission to take the company public.
King is seeking to raise $500 million in the IPO, though the number of shares being offered and the share price have not yet been decided.
The announcement is the company's first public acknowledgement of its IPO filing, speculation about which had been swirling since September, when reports that King had confidentially filed came to light. Now the company appears ready to lift the curtain and show the world its financials in its Form F-1 ahead of listing on the New York Stock Exchange under the KING symbol. It has retained JP Morgan, Credit Suisse and Bank of America Merrill Lynch as leaders of the offering.
Candy Crush, which was launched in 2012, has been a cash cow for King, generating revenue of around $850,000 per day in the U.S. And though the company lost $1 million in 2012, it gained $269 million in profit in the fourth quarter of 2013 alone, though that was down from $290 million in the third quarter, according to the filing.
Mariah Summers is a business reporter for BuzzFeed News and is based in New York. Summers reports on hospitality, travel and real estate.
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