As expected, the studio behind Candy Crush Saga plans on going public on the stock market. King Digital Entertainment has filed its initial IPO papers with the SEC and plans on raising up to $500 million in its initial public offering. The company earned $568 million in profit off revenue of $1.88 billion last year, largely due to the popularity of its jewel-swiping game.

In its filing, the company does note that it may be too reliant on the success of Candy Crush, with that one game generating nearly 80% of the company's revenue. However, Candy Crush Saga currently has 93 million daily players--not a number to be scoffed at.

"We have experienced significant rapid growth in our operations, and we cannot assure you that we will effectively manage our growth," the prospectus admits as a risk. In addition, "frequent and unpredictable changes in consumer preferences may cause player interest in the casual game format to decline." The casual games market has been proven to be quite fickle, as the sudden rise and fall of games like Draw Something and The Sims Social have proven.

As VentureBeat points out, the industry has already been burned by Zynga's poor performance since going public. It's possible that investors will not want to repeat their mistakes with what could be another flash-in-the-pan success that King may be offering.

If the IPO goes through, King plans on trading on the NYSE under the ticket "KING."