Stellar Blade developer Shift Up raises $320m in IPO
Shift Up, the South Korean developer behind this year's PlayStation 5 exclusive Stellar Blade, has successfully completed an initial public offering to the tune of 435 billion won ($320 million).
Bloomberg reports it is the largest gaming IPO in South Korea in over two years, and the first of at least $50 million since 2021, when PUBG developer Krafton raised $3.8 billion.
It's also the second largest of all South Korean IPOs in 2024, surpassed only by the $553 million offering by HD Hyundai Marine Solution.
In addition to Stellar Blade, Shift Up is best known for mobile games Goddess of Victory: Nikkie and Destiny Child.
The studio, which was first formed in 2013, said it plans to use the proceeds to expand its games portfolio.
Shift Up's share price jumped 49% in the first day of trading, reaching as high as 89,500 won ($64.87) per share. Nearly 7.3 million shares were sold at 60,000 won ($43.49) each. Bloomberg reports demand for shares was 226 times higher than availability.
Founder and CEO Hyung-Tae Kim will remain as the company's largest shareholder, with Tencent Holdings as its second largest.
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