Seoul, Wednesday, July 17, 2024 – Shift up, South Korea’s fourth-largest game developer made its debut in the stock market in Seoul on July 11, 2024, topping 18% of its initial public offering (IPO) price of 60, 000 won per share, a source said.
The trading began at 79,900 won and surged 33.2% above the IPO price.
Shift Up secured 435 billion won ($315 million) in its IPO, issuing 7.25 million new shares.
Shift Up reported the second biggest IPO this year in South Korea following HD Hyundai Group’s debut, which secured $742 billion in May.
The market capitalization in video game software development surged to 4.6 trillion won, ranking 94th in the KOSPI index.
The remarkable IPO secured by Shift Up would foresee the enhancement of games and its contents, fostering the research team to drive the company with the latest strategies in collaboration with artificial intelligence.
In early July, Shift Up announced the game “Goddess of Victory: Nike” had achieved the top spot in sales in the Japanese app store market, retaining its iconic development, and this would widen opportunities to work with global gaming giants.
Shift up’s ambition of moving with global publishing partners such as Tencent and Sony would be successful with Shift Up obtaining the global hit IPs, industry leaders commented.
