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.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.