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.
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.