Wednesday, the makers of the popular smartphone game Candy Crush Saga filed for an initial public offering. Dublin-based King Digital Entertainment plans to offer more than 22 million shares, priced at $21 to $24 each.

Some 15.5 million shares will come from the company, which expects to receive around $326 million from the offering. Existing shareholders will sell the balance of the shares. King Digital said it plans to use the funds for working capital and acquisitions. It has applied to list its shares on the New York Stock Exchange under the symbol KING.

Based on these estimates, King Digital’s implied market capitalization would fall between about $6.6 billion to $7.6 billion. Rival mobile game developer Zynga Inc. (NASDAQ: ZNGA), which held its IPO in 2011, currently has a market cap just shy of $5 billion.

According to the filing, Apax Partners, the private-equity firm that owns the largest stake in the company, will see that stake fall from 48% to 44% after the offering.

Zynga shares were up fractionally in premarket trading to $5.66. Its 52-week range is $2.50 to $5.89.

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