Candy Crush Maker Files for IPO

Fundraising target set at $500 million

Wall Street was riding high on a sugar rush this morning as King Media Entertainment, the maker of Candy Crush Saga, filed for an initial public offering.

Preliminary fundraising targets were set at $500 million, though the company expects a multi-billion dollar valuation, reports The New York Times. It will trade on the NYSE under "KING."

The Dublin-based company has most notably rocked the mobile gaming arena with Candy Crush, a free app that nevertheless comprises 78 percent of its estimated annual revenues of $1.9 million.