- Shift Up plans to use its IPO funds to diversify its game portfolio
- Their success if built on just two games, Stellar Blade on PS5 and mobile’s Goddess of Victory: Nikke
South Korean games developer Shift Up has raised 435 billion won ($320 million) after going public, placing the second largest IPO by a South Korean video games company after Krafton’s $3.8 billion in 2021.
As reported by Bloomberg, Shift Up sold nearly 7.3 million shares at 60,000 won each, with demand exceeding the volume available shares 226 times over.
The company plans to use its IPO funds to diversify its game portfolio after previously releasing two titles including PS5-exclusive Stellar Blade which launched earlier this year and mobile and PC smash hit Goddess of Victory: Nikke in 2022.
Credit where it’s due
While Steller Blade has sold over a million copies since it launched, Shift Up’s success post IPO is largely based on the massive popularity of Goddess of Victory: Nikke, which continutes to be a huge hit for the South Korean company generating more than 750 million in revenue.
The game’s initial success raised the company’s valuation to $2.3 billion, prompting a possible listing of 58 million shares in 2023, of which nearly 7.3 million have now been sold on the Korean stock exchange.
After selling 7.3 million shares in its IPO, and raising 435 billion won, Shift Up’s valuation is now estimated to skyrocket 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.
