THE NEWS WRAP: Candy Crush maker’s IPO disappoints

Candy Crush maker King Digital has disappointed investors with its IPO, with the stock down by as much as 16% in its first day of trading.

 

The app developer listed with an IPO price of $US22.50, valuing the company at $US6 billion, but its price quickly fell to a low of $US18.90 in afternoon trade.

 

While the company offers 180 different games, its two-year-old Candy Crush Saga game accounted for three-quarters of all its revenues in the last quarter of 2013.

 

Lachlan Murdoch returns to News Corp

 

Lachlan Murdoch has accepted a role as non-executive co-chairman of News Corp and 21st Century Fox, while stepping down as a chairman and director of the Ten Network.

 

“This appointment is a sign of confidence in the growth of News Corp and recognition of Lachlan’s entrepreneurial leadership and passion for news, digital media and sport,” Rupert Murdoch said.

 

“In the elevated role, Lachlan will help us move News Corp forward as we expand our reach and invest in new technologies and markets around the world.”

 

Overnight

 

The Dow Jones Industrial Average is down to 16269.0. The Aussie dollar is up to US92.26 cents.

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