IPO could mark a record for British mobile app makers
King, the London games studio behind the mobile hit Candy Crush, could soon make history after revealing it hopes to raise $7.6 billion (£4.5 billion) when it floats in New York later this month [March 2014]. The IPO figure, if achieved, could set a record for British mobile app firms and would make overnight multi millionaires of its founders CEO Riccardo Zacconi, whose 10 per cent stake alone could be worth as much as $745 million, while chairman Melvyn Morris, who owns a 12 per cent interest, could be in for even more of a windfall. Zacconi and Morris, a former director of Derby football club, first worked together at the Midlands-based matchmaking site uDate, which they sold for $150 million to Interactive Corporation in 2002.
The company’s 22.2 million shares are set to be priced between $21 and $24, according to filings submitted to the US Securities and Exchange Commission.
If all goes to plan, the $7.6 billion raised will be four times the size leveraged by the makers of hit game Grand Theft Auto when it floated, and not far short of the $9.2 bililon achieved by Electronic Arts.
King has risen on the crest of huge growth in recent years, boasting 324 million monthly users, though more than three-quarters of its revenues come from Candy Crush.