Candy Crush Saga is a mobile game phenomenon. But you’d still better have nerves of steel if you want to bet on its maker, King Digital Entertainment, which says this morning that it plans to trade on the New York Stock Exchange under the symbol “KING.” Candy Crush, the company says in an SEC filing, is “one of the largest interactive entertainment franchises of all time” — and is largely responsible for Dublin-based King’s insane growth spurt last year. The company ended 2013 with $567.6M in net income, +7,135% vs the previous year, on revenues of $1.88B, +1,046%. In Q4, Candy Crush accounted for 78% of the company’s gross bookings while three games — Candy Crush, Pet Rescue Saga, and Farm Heroes Saga — accounted for 95%. There’s no word in the filing about when the company hopes to go public, and how many shares it will sell. Still, King says it wants investor cash for working capital, and possibly acquisitions, as well as “to create a public market for our ordinary shares, increase our visibility in the marketplace, as well as to obtain additional capital.” CEO Riccardo Zacconi tells potential investors that the company’s “core mission is to make everyday life more fun. This is what gets us up in the morning and, ultimately, what has driven us towards this point in the company’s development.” But with no debt, King has been cash flow positive since 2005 and, he says, “has been built for the long haul.”
By DAVID LIEBERMAN, Financial Editor | Tuesday February 18, 2014 @ 11:51am ESTTags: Candy Crush Saga, King Digital Entertainment
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This article was printed from http://www.deadline.com/2014/02/maker-of-candy-crush-saga-files-for-ipo/
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