King, maker of the breakout mobile game Candy Crush, raised just less than $500 million in its IPO, the company announced in a filing released after the market closed on Tuesday.
The $22.50 per share price came within the initial range of $21 to $24 per share set by the company, and values the company at around $7 billion.
[seealso slug=http://sale-online.click/2014/02/18/candy-crush-saga-king-ipo/%5D%3C/p%3E%3Cp%3EThe company boasts one of the most successful mobile games of all time in Candy Crush, which averaged 93 million users in December.
The company is issued 22.2 million shares, which will begin trading on the New York Stock Exchange on Wednesday under the ticker symbol KING.
Despite this success, analysts have voiced concerns that the company is too reliant on Candy Crush. King earned $1.89 billion in 2013, with Candy Crush accounting for 78% of the company's fourth-quarter revenue.
Comparisons have been drawn to Zynga, another mobile gaming company that was heavily reliant on certain group of titles. At $1 billion, Zynga filed a larger but cheaper IPO than King, offering 100 million shares at $10 each. It shares currently trade at $4.84, having been unable to recover its IPO value since April 2012.
Of King's collecting 304 million monthly unique users, about 4% spend money within its games, according to Statista.
