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Candy Crush maker King Digital loses US$850m on NY Stock Exchange opening

Published on Mar 26, 2014 10:42 PM
 

NEW YORK (AFP) - King Digital, the maker of the wildly popular video game Candy Crush, fell below its initial public offering (IPO) price in initial trading on the New York Stock Exchange Wednesday.

Despite an overall rise in the market, King opened at US$20.50 a share, below the company's IPO price of US$22.50.

The shares fell as low as US$19.51 before rebounding to US$20.48, 9 per cent below the IPO subscription price.

King raised US$500 million (S$634.4 million) on Tuesday from the sale of 22.2 million shares, and the shares trade under the ticker "KING".

A mascot dressed as a character from the mobile game "Candy Crush Saga" walks the floor of the New York Stock Exchange during the IPO of Mobile game maker King Digital Entertainment Plc March 26, 2014. King Digital, the maker of the wildly popular video game Candy Crush, fell below its initial public offering (IPO) price in initial trading on the New York Stock Exchange Wednesday, March 26, 2014. -- PHOTO: REUTERS
 
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