Insanely-popular game “Candy Crush Saga” is making Wall Street a bit sweeter Wednesday.
It’s maker, King, began trading on the New York Stock Exchange, but immediately dropped.
It’s one of 14-companies going public this week.
Alison Kosik has the details from the stock exchange.
King Digital Entertainment, the company behind the very addictive online game Candy Crush made its public debut today.
It rang the opening bell here at the New York Stock Exchange.
And the New York Stock Exchange got all decked out and dressed up for the occasion.
Initial shares prices at 22 dollars and 50 cents under the ticker symbol “King.”
Based on that, King would have a value worth 7.6 billion dollars.
And you know what; there are a lot of reasons to like this company.
For one, it’s profitable and that’s a big deal because other tech IPO’s that have gone public lately, Twitter have not been profitable at the time that they made their public debut.
And King’s growth has soared, listen how much.
Sales went from 160 hundred million dollars to almost two billion dollars in just two years.
King makes money by selling players virtual items that enhance their playing experience.
But there are some skeptics out there about this game, about this company’s staying power.
The company’s entire fortune is basically built around this one game, Candy Crush.
It wouldn’t be unusual to see the popularity spike and then fizzle out something that we saw happen with Zynga, the game maker known for words with Friends and Farmville.
Zynga lost half its value since its IPO just a few years ago.
And for King, now that it’s public, the pressure is on because it doesn’t only have to answer to players, it also has to answer for shareholders.
I’m Alison Kosik in New York.