Zynga, Glu Mobile higher ahead of King's IPO

|About: Zynga (ZNGA)|By:, SA News Editor

Candy Crush Saga developer King Digital is expected to price its IPO tonight, and begin trading tomorrow. Peers Zynga (ZNGA +4.7%) and Glu Mobile (GLUU +2.3%) are rallying ahead of the event, after having sold off yesterday.

King is aiming for a fairly conservative valuation amid concerns about Candy Crush dependence and flatlining growth (revenue fell 3% Q/Q in Q4). Advisory firm IPO Boutique states King's offering is oversubscribed.