Social games giant King today launched its initial public offering on the New York Stock Exchange, with the Candy Crush Saga
company pricing its shares at $22.50 a pop.
With its offering of 22.2 million shares in total, that means that the London-based company is looking to raise around $500 million at this price.
Notably, King had originally set an initial range of $21 to $24, meaning this initial pricing has fallen directly in the middle of the estimated range -- which, according to analysts, may not be the greatest of signs.
Sterne Agee analyst Arvind Bhatia told Reuters
, "It's fair to say that if it was a very high-demand IPO, we would've seen the price at the upper end of the range. At the mid-point, it's a successful IPO but perhaps not a runaway success."
King has already listed the potential risks behind its IPO
, including the fact that the vast majority of its revenue comes from a single game, Candy Crush Saga
King's stock price slumped throughout the day, dropping 15 percent from its initial pricing to hit $19.03 per share by the time the market closed on King's first day of public trading.