Candy Crush maker King valued at over $7bnMarch 26, 2014 - 10:54 AMT PanARMENIAN.Net - The games developer behind Candy Crush Saga, King, has been valued at over $7bn after it raised $500mln listing on the New York Stock Exchange. It sold 22.2 million shares priced at $22.50 per share - the mid-point of the range the firm had initially set, according to BBC News. King said it plans to use the money raised for "working capital" and "other general corporate purposes, which may include acquisitions". Candy Crush was the most downloaded free mobile app of 2013. It is the most popular offering from King - which has a portfolio of more than 180 games. The game's popularity saw King's revenues rise to $1.8bn in 2013, from just $64mln two years ago. But there have been concerns that the firm relies too heavily on Candy Crush and that if its popularity faded, the company's revenue and profits would be hit. According to the company, its top three games - Candy Crush Saga, Pet Rescue Saga and Farm Heroes Saga - accounted for 95% of its total revenue in the fourth quarter of 2013. The firm's shares will start trading on the New York Stock Exchange on Wednesday, March 26. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |