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), 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.

Must Read: Warren Buffett's 10 Favorite Stocks

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.

More from Markets

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer on the Problem With the Case for More Rate Hikes

Jim Cramer on the Problem With the Case for More Rate Hikes

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

'Strong Case for More Rate Hikes,' Says Fed Chair Jerome Powell

'Strong Case for More Rate Hikes,' Says Fed Chair Jerome Powell

Fed Chief Uncertain About Policy-Making as Unemployment Hits 18-Year Low

Fed Chief Uncertain About Policy-Making as Unemployment Hits 18-Year Low