King.com, maker of the popular mobile game Candy Crush Saga, filed for IPO. King.com filed Pre-IPO "S-1" paperwork with the Security and Exchange Commission. Details of the company's initial public offering are sparse. King.com filed using a provision in the 2012 JOBS act that allows companies with less then $1 billion in revenue to delay revealing financial data at the beginning of the process.
King.com has been developing casual and social games since 2003. Candy Crush Saga, the company's most popular game, was released for Facebook (FB - Free Report) and for smart phones in late 2012. In March 2013, it became the most popular game on Facebook with more than 46 million monthly users.
Since its launch, the game has been one of the most popular and profitable apps in the iOS App Store. While the game itself is free, like Zynga (ZNGA - Free Report) and Electronic Arts (EA - Free Report) , King.com's games generate revenue by giving players the option of making in-app purchases. It is estimated that Candy Crush Saga generates $633,000 per day from in-app purchases.
There has been some controversy around established companies like Twitter and King.com using the so-called "secret filling" provision of the JOBS act. The rule was designed to allows emerging businesses that file to avoid speculation if there are delays or revisions to an application. It is believed that Twitter is leveraging this provision to avoid the sort of hype that Facebook faced prior to its IPO.
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