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Miguel Cordon · · 1 min readPUBG maker applies for IPO approval on Korean exchange
“South Korea’s Krafton, the video game holding company that publishes the blockbuster game PlayerUnknown’s Battlegrounds (PUBG), has applied for preliminary approval for an initial public offering (IPO),” Reuters reported, citing an announcement by the Korea Exchange.
Details:
- According to a Seoul-based analyst, Krafton’s financial debut is expected to be one of the biggest this year in Korea, with over-the-counter trades valuing the gaming firm at roughly 20 trillion won (US$17.92 billion).
- Founder Chang Byung-gyu is the largest Krafton shareholder, with a 16.4% stake as of the end of last year, followed by Tencent with 15.5%.
Context:
- Krafton posted a revenue of 1.67 trillion won (nearly US$1.5 billion) and operating profits of 774 billion won (US$692.6 million) in 2020.
- Its flagship game PUBG currently has 55 million daily users outside of China during the weekends, with 70 million copies sold across multiple gaming platforms.
Currency converted from won to US dollar: US$1 = 1,117.46 won
Editing by Collin Furtado and September Grace Mahino
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