King Digital Goes Public in $500M IPO

NEW YORK (AP) -

King Digital has raised $499.5 million in an IPO that values the Irish company at about $7.1 billion.

Shares priced at $22.50 each, the middle of King Digital Entertainment PLC’s expectations. The mobile-game company is selling 15.3 million of the 22.2 million shares. The rest of the stock is being sold by existing shareholders.

King Digital had $1.88 billion in revenue last year.

The company says it will use the proceeds for working capital and other general corporate purposes. The shares are expected to begin trading Wednesday on the NYSE, under the ticker symbol “KING.”