King, the maker of hit game Candy Crush Saga, officially debuted on the New York Public Stock Exchange today.
King’s stock closed down 15.56% from its IPO price of $US22.50 a share.
It was one of the biggest day-one drops for a newly listed U.S. company in the past six months, Bloomberg reports. It was also the worst trading debut this year, according to data from Renaissance Capital.
“It almost stood no chance,” analyst Scott Sweet told MarketWatch. “It wasn’t surprising. It’s getting pounded.” He said there appeared to be “a hope for a pop that never materialised” as “traders immediately pulled the trigger.”
Other big day-one drops in the last six months include tech companies Chegg, and Violin Memory.