South Korean game developer Shift Up has raised 435 billion won ($320 million) through its IPO, making it the second largest for a South Korean video game company since Krafton's $3.8 billion IPO in 2021. According to Bloomberg, Shift Up issued nearly 7.3 million shares at 60,000 won each, with demand surpassing the available shares by 226 times.

The company intends to use the IPO proceeds to expand its game portfolio. Shift Up has previously released two titles, including the PS5-exclusive Stellar Blade, which launched earlier this year, and the mobile and PC hit Goddess of Victory: Nikke in 2022.

Credit for the success

Stellar Blade has sold over a million copies since its release, but Shift Up's post-IPO success is mainly due to the immense popularity of Goddess of Victory: Nikke, which has generated over 750 million in revenue. The game's initial success boosted the company's valuation to $2.3 billion, leading to a potential listing of 58 million shares in 2023, of which nearly 7.3 million have now been sold on the Korean stock exchange.

Following the sale of 7.3 million shares in its IPO, Shift Up's valuation is now estimated to soar to 3.48 trillion won ($2.5 billion), according to CNBC. In 2023, the company reported sales of 168.6 billion won, a 155.2% increase year-on-year. Source: adapted from an article by Isa Muhammad, Staff Writer for PocketGamer.biz.