Candy Crush Saga Publisher Preparing For IPO
In the two months since its release on Facebook, Candy Crush Saga has quickly become the most-played game on the social network. With tens of millions of users, the game is raking in money through micro-transactions on Facebook and mobile platforms. Now, Midasplayer International Holding, the game’s publisher, is looking to take its success public with an IPO.
The Wall Street Journal reported this week that Midasplayer, also known simply as King, has hired banks to prepare for an initial public offering. Some of the banks contacted include J.P. Morgan Chase, Credit Suisse, and Bank of America. There are not yet any details about a possible IPO date or initial pricing. A spokesperson for King indicated that taking the company public is just one of the options the company is considering.
King’s rise to the top of the Facebook gaming mountain in many ways parallels that of competitor Zynga‘s. King got its first taste of casual gaming success last year with Bubble Witch Saga. Since its release just over one year ago, Candy Crush Saga has dominated mobile and Facebook gaming, making King the latest developer to find fast success in the genre.
However, Zynga’s more recent history may temper King’s ambitions a bit. Zynga was the first of such developers to find instant success with games such as Farmville. It quickly went public, and briefly enjoyed success, putting out versions of other popular games while buying up successful developers such as Draw Something creators OMGPOP. In the past year, however, Zynga’s popularity has waned as quickly as its success was earned. The company’s earnings and stock price have plunged, and the company has announced layoff after layoff in an attempt to stay afloat. Just this month, the company shut down OMGPOP, which it paid $180 million for in March 2012.
(via Wall Street Journal)