Candy Crush creator estimates its IPO could value the company at $7 billion

Candy Crush Saga developer King Digital Entertainment estimates that stock shares will be worth between $21 and $24 at its initial public offering, according to a Registration Statement submitted to the U.S. Securities and Exchange Commission this week.

The New York Times reports that the company's value could reach "roughly $7.1 billion." Assuming that the value of 22.2 million shares hits the mid-point of King's projection, $22.50, it would raise $499.5 million from the IPO. If demand exceeds predictions, King could offer extra shares and earn a maximum of $612 million.

According to the filing, "an average of 128 million daily active users played our games more than 1.2 billion times per day." King lists its "leading games" as Bubble Witch Saga, Candy Crush Saga, Pet Rescue Saga, Farm Heroes Saga and Papa Pear Saga.

Reports of the company's IPO began circulating as far back as September 2013, when its value was estimated at $5 billion. King filed for its IPO in February 2014. At the time, it estimated that it could raise as much as $500 million. Yesterday's filing revises that projection upward. If it were to sell at the top of its expected range, that would put the company's market value "only $2 billion less than that of Electronic Arts," according to The New York Times.

For more on King, be sure to read our coverage of its now-abandoned efforts to trademark the word "candy."