updated - February 20, 2020 Thursday EST
King's Candy Crush saga game app launched on the New York Stock Exchange Wednesday, 2.50 lower than the $22.50 originally projected before the company's initial public offering became official The Wall Street Journal reported Wednesday.
"They need to be able to generate new games and successfully develop and market their new-game pipeline to replace the revenue that will inevitably be lost when Candy Crush begins to decline," Rob Romero, portfolio manager at Connective Capital Management told The Journal. "And they have such a pipeline."
King invested $500 million Feb. 18 for it to be added on the NYSE.
King owns Candy Crush, and over 180 other games. Ninety-three million people play them on a regular basis.
Candy Crush Saga was first introduced on King's website before coming to Facebook last April Technology Tell reported. It then became available on Mobile Apps a year ago this month.
The game has since set records in Apple's iOS app store, and Google Play Store.
The app is bringing in the most money in the US App store, and many parts of the world Technology Tell reported.
More than 61 percent of players who have the game in the United Kingdom, compete while they are on their way to work in the morning Tech Crunch reported.
King had previously mentioned that issues with revenue could have surfaced if the IPO process was not successful.
"If the gross bookings of our top games, including Candy Crush Saga, are lower than anticipated and we are unable to broaden our portfolio of games or increase gross bookings from those games, we will not be able to maintain or grow our revenue, and our financial results could be adversely affected," the company said in a statement The Journal reported.
King also has Bubble Witch Saga, and Pet Rescue Saga The Journal reported.
TOP 10 FRANCHISES OF 2020