Stellar Blade's Developer Shift Up Secures $320m in IPO

11 July 2024 14:38

Shift Up Corp., the South Korean game developer known for titles like Stellar Blade and mobile games Goddess of Victory: Nikkie and Destiny Child, saw its stock surge 18% on its first day of trading in South Korea following a successful initial public offering. The IPO raised $320 millio), marking the largest gaming IPO in the country in nearly three years.

With China’s Tencent Holdings Ltd. as its second-largest shareholder, Shift Up sold almost 7.3 million shares at 60,000 won each, at the top end of the offered range. The shares closed the day at 71,000 won.

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This IPO is not only the largest in South Korea's gaming sector since 2021 but also ranks as the second largest overall in 2024, trailing only HD Hyundai Marine Solution's $553m offering.

Established in 2013, Shift Up intends to use the funds from the IPO to bolster its game portfolio and expand its market presence.

Tags: Shift Up

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