King, The Maker Of Candy Crush, Had The Worst IPO Debut This Year
REUTERS/Brendan McDermid
A mascot dressed as a character from the mobile game "Candy Crush Saga" walks the floor of the New York Stock Exchange during the IPO of Mobile game maker King Digital Entertainment Plc March 26, 2014.
King's stock closed down 15.56% from its IPO price of $22.50 a share.
It was one of the biggest day-one drops for a newly listed U.S. company in the past six months, Bloomberg reports. It was also the worst trading debut this year, according to data from Renaissance Capital.
"It almost stood no chance," analyst Scott Sweet told MarketWatch. "It wasn't surprising. It's getting pounded." He said there appeared to be "a hope for a pop that never materialized" as "traders immediately pulled the trigger."
Other big day-one drops in the last six months include tech companies Chegg, and Violin Memory.
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