Candy Crush maker valued at over $7bn

<p>King sold more than 22 million shares on its flotation in the US.</p>

The company behind the phenomenally popular Candy Crush Saga game has been valued at more than $7 billion (£4.23 billion) following its stock market flotation in the US.

Over 22 million shares were sold by the firm priced at $22.50 per share, which was the mid-point of the range the firm had initially set.

King now plans to use the money raised through the share sale for "working capital" and "other general corporate purposes, which may include acquisitions".

Candy Crush Saga was one of the biggest-selling games of 2013 and King is also the firm behind fellow apps Pet Rescue Saga and Farm Heroes Saga, with the three popular titles making up 95 per cent of its total revenue in the fourth quarter of 2013.

Stocks in the company will now be available for trading on the New York Stock Exchange later today (March 26th), with investors watching to see if their value rises or falls.

King is the latest major technology stock market flotation in the US of recent years, following in the footsteps of Facebook and Twitter.

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