Back in January, I wrote Why you should delete Candy Crush Saga. This game is made by a company called King Digital Entertainment, who has launched an IPO today on the New York Stock Exchange. King priced its shares at $22.50, and, at closing time on the first day, the shares have dropped more than 15%.
With most IPOs, there’s an initial euphoria, with large investors hoping to cash in on short-term gains. But with King’s reputation as an evil trademark troll, it looks like investors aren’t going out of their way to buy the shares. Heck, even Jim Cramer said, “It’s a Stephen King horror story.”
The shares might recover, and might go on to be winners, but it’s obvious that King does not have a good reputation, and only has one best-selling game, which only makes money through dubious in-app purchases. I hope it tanks.