Candy Crush IPO Turns Sour
The much-anticipated initial public offering of Candy Crush Saga maker King Digital Entertainment (symbol KING) today turned sour.
King priced the offering Tuesday night at $22.50, but the stock opened this morning at $19.98 on the New York Stock Exchange, taking an 11 percent bite.
By comparison, Twitter, when it went public in November, saw its shares sweeten 73 percent on the first day of trading.
Analysts have voiced concern over the possibility that Candy Crush will be a one-hit wonder. King Digital depends on its most popular game for 78 percent of revenue.