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Report: Candy Crush Saga developer King files for IPO

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Social games developer and Candy Crush Saga creator, King, has apparently filed for paperwork in preparation for an initial public offering on the Nasdaq exchange, Telegraph UK reports.

The filing is expected to value King at $5 billion, according to the Telegraph. Citing sources familiar with the matter in June, The Wall Street Journal reported that the British developer held discussions with JP Morgan, Credit Suisse and Bank of America to handle the offering in the U.S..

King recently announced that it is hiring Hope Cochran as its chief financial officer, who was the former CFO of Spring subsidiary Clearwire.

“We’re thrilled that Hope is joining us,” King CEO Riccardo Zacconi told Venture Beat.“She has an exceptional track record of helping to manage fast-growing and entrepreneurial companies and as King continues to grow, we know she’ll be a great addition to the team.”

Earlier last month, the developer revealed its plans to shut down five of its online games to slim down its portfolio and focus on popular titles such as Candy Crush Saga, which recorded 9.7 million daily active users on Facebook in January.

"In order to invest resources behind its most popular games and its forthcoming launches, King has decided to close some of its smaller titles next month," a company representative said at the time.