Shift Up, the developer behind PS5’s critically acclaimed Stellar Blade, has achieved the largest initial public offering (IPO) in South Korea for a video game company in three years.
Bloomberg reports that the studio jumped nearly 50% on its first day of trading, with 435 billion yen raised. This makes Shift Up the first game company to clear an offering of $50 million since 2021, when Krafton’s IPO reached $3.8 billion.
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It’s also the second-largest in South Korea this year, behind the $553 million offering from HD Hyundai Marine Solution Co. The Stellar Blade developer will use the proceeds from the IPO to diversify its gaming portfolio.
Global Equity Research analyst, Arun George, commented:
The investment case rests on a stellar game development track record, several growth drivers, high profitability, and cash generation.
Stellar Blade was released in April 2024 for the PS5, and late last month Shift Up estimated that the title had cleared one million sales and said that a PC version was under consideration.
[Source – Bloomberg]