Sometimes, the evil empire wins. Sometimes, the evil empire loses. And, on the rarest of occasion, the emperor is wearing no clothes. I think the latter example applies to King.

The company behind Candy Crush Saga and all the sagas as a result had their IPO launch on Wednesday. While King managed to raise $500 million for the company with the share issuance, it was a painful day for King. The company’s stock dropped over 15% in price on its first day of trading.

King’s IPO launched at $22.50 but closed trading at $19 which is a price drop of 15.6% on the day. The stock didn’t even go higher than its launch price. That’s makes King the worst IPO launch of 2014. That beats this year’s previous worst of a 14.4% drop by Eagle Pharmaceuticals.

According to Renaissance Capital, their opening day results are much more embarrassing. Their data shows that King had the worst IPO opening day for an IPO raising $500 million or more in the last 15 years.

While gamers would like to say that King’s fall is down to King’s shady business practices, analysts believe that the rise and fall of Zynga may have a lot to do with investor trepidation when it comes to expecting a return from King. The former king of casual gaming had a strong IPO launch and peaked at $14 before quickly bottoming out at close to $2.

The other issue is King’s reliance on Candy Crush Saga to make the company money. While the game is massive right now, there is a danger for King relying so much on one game. It currently brings in 70% of King’s total revenues. If it goes down, and no game has shown the long-term staying power that King requires from Candy Crush, the whole company’s revenue goes down with it. Being dependent on one product in an industry that is known for having flavours of the month isn’t a viable strategy.

So King has cashed in on Candy Crush but the question remains whether than can keep the money flowing. History says no. So does Wall Street.

Source: Venture Beat, @IPOTweet