King.com IPO Does Not Crush It: Shares Open At $20.50, Down Nearly 9%, Close At $19

TechCrunch

King Digital , publisher of the popular mobile game Candy Crush Saga, began trading as a public company today on the NYSE not with a pop but with a drop. The stock, trading as KING, commenced trading at only  $20.50 , down nearly 9% on the  $22.50 per share it announced on Tuesday .

By the close of trading, King.com’s stock was at $19 per share, down 15.56%, giving the company a market cap of $2.28 billion, just over half the market cap of Zynga at $4.07 billion. After hours, King.com’s share price continued to fall.

It’s a sign that after healthy debuts for the likes of Twitter and a number of other tech companies in the last 12 months after Facebook’s stumble, it’s clear that investors are not taking all tech IPOs with open arms.

The $22.50 was at the mid end of the $21-24 range it initially set when it filed on

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