King Digital Entertainment, the maker of Candy Crush, a high-profile mobile app, fell 15.6 percent to close at $19 on its first day of trading, MarketWatch reports.
Renaissance Capital data shows this is “the worst trading debut so far this year,” according to MarketWatch.
The initial public offering kicked off at $22.50 under the symbol KING on the New York Stock Exchange.
Financial health ratings company Rapid Ratings gave King an 86-out-of-100 rating earlier this week, “based on solid return on capital expenditures, debt service management and price structure,” Forbes reported. While King Digital earned $567.6 million in 2013, tech investors held off, potentially because of the risk and shorter lifespan of tech start-ups.
Forbes reported that the most similar drop in IPO is textbook rental site Chegg.com, which opened at $12.50 a share and closed with a near 23 percent decline, at $9.68.
USA Today reported that the stock’s performance shows that investors are still being “selective and choosy.”
On average, IPOs generally rise 22 percent on their first day of trading, Renaissance told USA Today.
Next up with an IPO is much-anticipated Box, an online storage provider worth between $1.2 billion and $3 billion. CNBC reported that Box filed for $250 million IPO on the NYSE Monday afternoon.