King.com, maker of the “Candy Crush Saga” games, has hired JPMorgan Chase & Co., Credit Suisse Group AG and Bank of America Corp. to prepare for an initial public offering, two people familiar with the matter said.
The software developer, whose official name is Midasplayer.com Ltd., hasn’t decided on the size or timing of a share sale, said the people, who asked not to be identified because the plans are private. The Wall Street Journal reported on June 18 that the banks had been hired.
“Candy Crush Saga” has become the most popular game played on Facebook Inc. (FB)’s social network, with more than 45 million users, according to AppData, which tracks application usage statistics. King.com’s success contrasts with Zynga.com Inc. (ZNGA), whose shares have declined 71 percent since listing in December 2011. The San Francisco-based games developer is cutting staff and closing offices amid a shift toward making titles for mobile devices.
King, founded in 2003, has offices in London, Hamburg, Stockholm and San Francisco, according to its website. The mobile version of “Candy Crush Saga” is currently the second-most popular free game on Apple Inc. (AAPL)’s App Store.
Alex Dale, chief marketing officer for King, didn’t respond to requests for comment yesterday. Representatives from all three banks declined to comment.
Earlier this month, Zynga said it will cut 520 jobs, or 18 percent of its staff, and close some offices amid disappointing results from its titles outside the “FarmVille” series.
To contact the editor responsible for this story: Tom Giles at firstname.lastname@example.org