Candy Crush Saga publisher King made its initial public offering overnight, but saw massive day one losses.
BusinessInsider reports King’s stock opened at $22.50 but fell 15.56% by close of business.
That’s one of the largest day-one losses for a new company in the last six months, and also the worst debut in calendar 2014, according to various publications.
Observers had been hopeful of a day one pop – normally, a new stock will rise by an average of 15% on its first day – but Analyst Scott Sweet told MarketWatch that “traders immediately pulled the trigger”.
“It almost stood no chance. It wasn’t surprising. It’s getting pounded,” he said.
King’s best known product is Candy Crush Saga, which seems to be a bubble on the brink of bursting. It has been criticised for its recent push to trademark the word “candy”.
King is the first major casual publisher to go public since Zynga, which had a turbulent but less dire first day in December 2011 ahead of an almost incessantly downward plunge. In late 2012, one analyst said Zynga stock is worth nothing at all.