King Digital Entertainment, the maker of hit mobile phone game Candy Crush Saga, expects to be worth up to $7.6 billion when it goes public this month as the Irish company looks to take advantage of strong demand for technology investments.
The successful IPO of Twitter Inc. in November and a surge in Facebook Inc.'s share price have fueled speculation that a string of technology firms could come to market, including music-sharing service Spotify, lodging service AirBnB and payments company Square.
King should also get a boost in its U.S. initial public offering from a surge in shares of digital coupon company Coupons.com Inc. after it went public on Friday. Shares of Coupons.com doubled after being priced above the company's planned IPO range.
King Digital said it expected to price its IPO of 22.2 million shares at between $21 and $24 per share. At the top of this range, the company would be valued at about $7.6 billion.
The offering is scheduled to be priced on March 25 and the stock will start trading on March 26, two underwriters told Reuters.
The Dublin-based company will sell 15.5 million shares in the offering, while stockholders, including Apax Ventures, will sell 6.7 million shares, the company said in a filing with the U.S. Securities and Exchange Commission on Wednesday.
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