Candy Crush Saga house, King, took its name public today, but the IPO was not welcomed as it opened at $22.50 and subsequently fell 15.56% the same day. This marks the worst day of trading in 2014 for a new company.
Stocks for King are now valued at $19, which is $3.5 less than where it started. That also makes it the worst trading debut this year.
Usually, a new IPO is set to rise a similar percentage on its first opening. It looks like opposite day for the casual game giant.
Recently, King has only been met with negative reception. It originally started the downward slope through an aggressive process to trademark “candy” as a word.
Doing so, it stretched beyond credibility by also going after the likes of The Banner Saga for employing “saga” as a word shared with King’s franchises. Candy Crush Saga is about touching candy, the other is a fight for survival in Viking mythology; the similarities are scarce.
King later had to crawl back from the trademark process altogether.
During that period, the company was also accused of cloning games. Candy Crush Saga itself may have originated from a game called CandySwipe, released in 2010.
Another casual game company, Zynga, would be a bad precedent as to how the rest of this IPO will go. When that company went public, it essentially sank like a brick. Its stock value is now 80 percent lower than it was when it started.
Facebook isn’t doing too well on the stock market right now either. Its acquisition of Oculus VR led its shares to drop 7% in value.