Surprise: launching a public company on the back of a single addictive iPhone game you play on the toilet is proving to not be a stock market powerhouse. The IPO debut of King, which created Candy Crush, is a big disappointment so far.
The IPO price was already on the meager end, TechCrunch reports:
It's a sign that after healthy debuts for the likes of Twitter and a number of other tech companies, it's clear that investors are not taking all tech IPOs with open arms. The $22.50 was at the lower end of the $21-24 range it initially set when it filed on March 12 for the IPO.
After only being a public company for a couple hours, King is already sliding, down 11 percent so far. Let us bow our heads and thank The Market for a brief moment of rationality. Let's also keep in our thoughts the people paid to dress up like Candy Crush dots who have to stand around while their namesake stock embarrasses itself:
— Carl Quintanilla (@carlquintanilla) March 26, 2014
Photo of Candy Crush staffers during happier times via Twitter