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Candy Crush Maker King Digital Entertainment (KING) Falls After IPO (Update)

Update (4:20 p.m.): Updated with Wednesday market close information.

NEW YORK (TheStreet) -- King Digital Entertainment (KING - Get Report), maker of the popular mobile game Candy Crush Saga, dropped to a low of $18.90 in its debut on Wednesday after the company's initial public offering.

King priced its IPO at $22.50, the midpoint of its range, and sold 22.2 million shares to raise slightly less than $500 million. This values the company at slightly more than $7 billion.

The stock closed down 15.56% to $19.

Must Read: Why International Game Technology (IGT) Stock Is Sliding

King has drawn comparisons to Zynga (ZNGA), which created the once wildly popular game Farmville. Zynga had its IPO in 2011 with a $7 billion valuation, or $10 per share. The stock peaked at $14.69 per share in Feb. 2012 and has generally declined since then. It currently trades around $5.80 a share, a more-than 40% decline from its stock market debut.

Candy Crush had 97 million daily active users and more than 1 billion daily game plays in February.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

KING Chart

KING data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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