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Investors soured on Wednesday on King Entertainment, sending shares of the maker of the hit mobile game Candy Crush 15 per cent lower in the first day of trading.
King sold more than 22.2 million shares at an original price of $22.50, raising nearly $500 million from the initial offering.
When shares began trading on Wednesday on the New York Stock Exchange under the symbol KING, they opened 6 per cent lower, and the declines continued throughout the day to close at $19.
King reported a profit of about $568 million and revenue of $1.9 billion last year.
King is known for the colourful puzzle game Candy Crash, an app that averages 97 million users daily. Other games by King are Farm Heroes Saga, PetRescue Saga, Papa Pear Saga and Bubble Witch Saga.
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