NEW YORK — The company behind “Candy Crush Saga” is going public, hoping the popularity of its addictive online game will translate to sweet returns for itself and its investors.
King Digital Entertainment PLC, which also makes lesser-known games such as “Bubble Witch Saga” and “Pet Rescue Saga,” did not disclose how many shares it expects to offer in the IPO or a projected price range for the stock. In papers filed Tuesday with the Securities and Exchange Commission, the company said it hopes to raise as much as $500 million in the offering. The amount could change in the coming weeks as the company and the IPO’s underwriting banks gauge investor demand.
“Candy Crush” was the most downloaded free app on iPhones and iPads in 2013, beating Facebook, Google Maps and YouTube. The game’s success helped King replace Zynga Inc. – maker of “FarmVille” and “Mafia Wars”– as the No. 1 producer of games played on Facebook.