"The valuation is hard to argue when you look at the numbers," said Brian Blair, principal at Wedge Partners. " 'Candy Crush' was a top three game last year and in nearly every geography that had an iPhone app store. Universal appeal and distribution like that is hard to find," he said.
While the company offers 180 other games, it's "Candy Crush" which brings in three-quarters of its revenue. So what happens when players get tired of "Candy Crush"?
Take a look at rival Zynga's stock price, which has been cut in half since its 2011 IPO as the popularity of its own game "Farmville" fell by the wayside.
"As Rovio has done with 'Angry Birds,' there are many ways to milk a franchise. We've seen this in the console gaming world too with numerous iterations of 'Call of Duty' or the Tony Hawk franchise. So 'Candy Crush' will have a long tail, but investors will want to see new titles and franchises emerge," Blair said.
King is scheduled to list on the New York Stock Exchange under the symbol "KING" on March 26.
—By CNBC's Christina Medici Scolaro.