At Wednesday night's share price the company was valued at £1.2bn.
Pets at Home performed less well, closing down 4% from its offer level of 245p. Poundland was priced at the top of its initial range, valuing the company at £750m, but the shares still soared 19%, adding £150m to the value of the business. The King pricing came as retailers Pets at Home and Poundland also debuted on the stock market. No formal date has been set, but leaks suggest King will come to market on 25 March. Most are selling a small percentage of their holdings, although staff will be free to sell more shares six months after the flotation. Zacconi and Morris, a former director of Derby FC, first worked together at the Midlands-based matchmaking site uDate, which they sold for $150m to Interactive Corporation in 2002.īetween them, the company's 11-strong management team own shares which at the upper end of the range could be worth almost $2.2bn. The popularity of King's confectionery-themed smartphone and tablet game will make a multimillionaire of its chief executive, Riccardo Zacconi, whose 10.4% stake could be worth as much as $745m, and chairman, Melvyn Morris, who owns a 12.2% interest.
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