'PUBG' Developer Krafton Targets $5 Billion USD South Korean IPO
The company recorded $1.47 billion USD in revenue across 2020.
PlayerUnknown’s Battlegrounds‘ South Korean developer Krafton is now eyeing a $5 billion USD initial public offering.
According to Reuters, the upcoming IPO would be the largest to date for the East Asian country, topping current titleholder Samsung Life Insurance’s listing back in 2010. Krafton says it’ll be offering 10 million shares, three million of which are existing alongside seven million newly issued ones. The price range is currently suggested to be between 458,000 won and 5557,000 won, but a concrete figure will be decided on in the coming weeks before its targetted listing in July.
Last year, Krafton brought in revenues of $1.47 billion USD, almost double of its performance the year prior. Its flagship title PUBG has sold 25 million copies since its original launch in 2017, and the studio is now planning to release two additional mobile titles in the franchise including Battlegrounds Mobile India and PUBG: New State. Chinese gaming giant Tencent currently holds a 15.35 percent stake in the South Korean developer, making it the second-largest shareholder. The company currently estimates its valuation at almost $31 billion USD.
In other related news, TikTok owner ByteDance managed to rake in $34.3 billion USD in revenue across 2020.
