Shift Up Corp. CEO Hyung-Tae Kim plays a drum during the company’s listing ceremony at the Korea Exchange (KRX) on Thursday, July 11, 2024 in Seoul, South Korea. Victory: Nikke” and the console game “Stellar Blade”.
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South Korean video game developer Shift Up listed on Kospi on Thursday, with its shares soaring nearly 50%.
Video game developers, including Chinese internet giants Tencent As the second largest shareholder, its stock price climbed to 89,500 won (approximately $64.89) per share, a 49.17% increase from the initial public offering price of 60,000 won.
company IPO sells 7.25 million shares, raising 435 billion won (approximately US$315.56 million). According to CNBC calculations, the company is valued at 3.48 trillion won based on the issue price.
Strong demand from institutional investors Oversubscribed almost 226 times institutional allocation and The general sale was oversubscribed by more than 341 times.
It is South Korea’s largest IPO since maintenance and repair company HD Hyundai Marine Solution debuted in May.
Shift Up was founded in 2013 but didn’t gain traction until its release in 2024 Star Bladeexclusive to PlayStation 5 Top-selling PlayStation Store in eight countries. Even though it was released on April 26, it became the best-selling game in the United States in April.
In just two months, this game Over one million copies sold. Shift Up also produces the free-to-play game Victory Nick, which will be released in 2022.
The company reported sales of 168.6 billion won in 2023, an annual increase of 155.2%.
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