18.02.2014 16:14:31

King Digital Entertainment Files For Up To $500 Mln IPO

(RTTNews) - Mobile game developer King Digital Entertainment plc revealed in a regulatory filling on Tuesday its plan to raise up to $500 million in an initial public offering of its ordinary shares. The company said it intends to apply to list its ordinary shares on the New York Stock Exchange under the ticker symbol 'KING'. However, the company did not reveal the number of shares, and the estimated price range.

In a Form F-1 filing with the U.S. Securities and Exchange Commission, the company said it intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include acquisitions.

The company noted that its principal purposes of floating the offering is to create a public market for its ordinary shares, increase the company's visibility in the marketplace, as well as to obtain additional capital.

The shares for the offering will be offered offered by the company as well as by existing stockholders of the company.

JP Morgan, Credit Suisse and BofA Merrill Lynch are the lead underwriters for the offering.

Dublin, Ireland-based King Digital Entertainment is an interactive entertainment company for the mobile world, best known for its blockbuster Candy Crush Saga game title. Its other leading games include Pet Rescue Saga, Farm Heroes Saga, Papa Pear Saga and Bubble Witch Saga.

In December 2013, an average of 128 million daily active users played the company's games more than 1.2 billion times per day, and also had a massive network of 324 million monthly unique users.

The company's revenues soared to $602 million in the fourth quarter of 2013 from $22 million in the first quarter of 2012. The company swing to a profit of $159 million in the fourth quarter of 2013 from a loss of $1 million in the first quarter of 2012. Gross bookings by quarter also grew to $632 million from $29 million for the similar period.

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