King made its public debut on the New York Stock Exchange this morning, opening at $20.50 a share.

It's already down 6%. 

Yesterday, King priced its initial public offering at $22.50 a share, CNBC reported.

King and early investors like private-equity firm Apax Partners LLP intend to sell 22.2 million shares, according to Bloomberg, which would raise a little less than $500 million. 

The company will begin trading on the NYSE under the symbol "KING" starting today.

King has a library of 180 games, but it relies the most on Candy Crush Saga, which brings in about 80% of King's revenue. 

That's where the big red flag comes from. King's revenues and fortunes rely on a single game, and that game is actually in decline. 

Gross bookings in the quarter ending December 31, 2013 were on the decline compared to the quarter ending September 30, 2013. That decline was driven by a decrease in Candy Crush Saga gross bookings. 

Check out the scene at the NYSE today.

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