News Column

Swedish game maker King plans New York IPO

February 18, 2014

By Johan Nylander, The Swedish Wire, Stockholm



Feb. 18--After months of gaming industry gossiping did Swedish developer King -- maker of Candy Crush -- finally confirm it is looking to float the company at the New York Stock Exchange.

"We are a leading interactive entertainment company for the mobile world," details King in its prospectus summary. "We believe we have a repeatable and scalable game development process that is unparalleled in our industry. We have put the long-term retention of our players at the heart of our business model."

On Tuesday, King Digital Entertainment filed its paperwork with the Securities Exchange Commission to float on the New York Stock Exchange, according to a statement.

Its adjusted earnings before interest, tax, depreciation and amortisation grew from $4m in 2011 to $28m in 2012 and $825m in 2013, according to documents filed with the Securities and Exchange Commission. Its revenues grew from $22m in the first quarter of 2012 to $602m in the fourth quarter of 2013.

Wall Street Journal said the listing was worth up to $50 billion.

UK based King is a leading interactive entertainment company for the mobile world, with a network of 324 million monthly unique users, according to the statement. King offers more than 180 exclusive games in 14 languages through its King.com website, mobile platforms such as the Apple App Store, the Google Play Store, the Amazon Appstore and Facebook.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are acting as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Barclays Capital Inc., Deutsche Bank Securities Inc. and RBC Capital Markets, LLC are also acting as joint book-running managers for the proposed offering.

King has six game studios in Stockholm, Barcelona, Bucharest, Malmo and London, along with offices in San Francisco and Malta.

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(c)2014 The Swedish Wire (Stockholm, Sweden)

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Source: Swedish Wire, The


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