Report: 'Candy Crush Saga' maker King files for IPO at $5B valuation
Cross-platform social gaming company King has quietly filed for an initial public offering valuing the Candy Crush Saga maker at an estimated $5 billion, The Telegraph reports.
King filed an S-1 document with the U.S. Securities and Exchange Commission this week, soon after appointing former Clearwire CFO Hope Cochran to the same position. Few other details are known: Per terms of the JOBS Act, passed last year, "emerging companies" may file all paperwork to the SEC under strict confidentiality--according to the law, emerging companies are defined as startups that generate less than $1 billion in revenue. King's IPO documents may remain confidential for up to 21 days before it mounts its IPO road show.
King has not responded to requests for comment.
The King IPO report follows two weeks after Twitter filed to go public, setting the stage for the most highly anticipated technology offering since social media archrival Facebook (NASDAQ:FB) raised $16 billion in mid-2012. USA Today notes that 22 U.S. tech firms have gone public in 2013, raising $3.4 billion.
King's flagship title Candy Crush Saga--available for Apple's (NASDAQ:AAPL) iOS and Google's (NASDAQ:GOOG) Android--offers more than 400 levels of match-three puzzles. Mobile gamers across the globe play Candy Crush Saga more than 700 million times each day, and it was the top revenue-generating iOS and Android application in July 2013, according to data issued last month by analytics firm Distimo. Another 15.5 million people play Candy Crush Saga each day on Facebook. Earlier this month, King expanded the game to Kakao Talk, the free South Korean mobile messaging application in use by more than 110 million subscribers.
In all King offers 150 exclusive games in 14 languages, and said last month that its titles generate a combined 1 billion daily plays across the mobile, Facebook and King.com platforms, up from 70 million in May 2013.
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