as publisher of the game in the South Asian nation, where it had notched up 175 million downloads before it was banned last year following heightened political tensions with China.Īfter the IPO, founder Chang will hold a 14% stake in Krafton, followed by Tencent with 13.2%, held through a subsidiary, the company’s filings show. The corporation took over from Tencent Holdings Ltd. Krafton is expanding the reach of PUBG into new markets, including India. I expect it’s more likely for Krafton to pursue M&As in the entertainment industry.” “There aren’t many great options in the market to buy a gaming developer. “Krafton has a lot of cash and is raising additional billions through the IPO,” said Choi Jin-sung, analyst at Cape Investment & Securities.
It’s also planning to create an animated show and web cartoon that depict the game’s universe, Chief Executive Officer Kim Chang-han said in an interview published in January. Larger than both the film (100 billion) and sports (75 billion) industries combined, the video game industry is worth an eye-popping 180 billion, and counts among its ranks nearly half the U.S.
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It’ll widen its games library with a new battle royale mobile title and a PC game that’s based on PUBG. Once disparaged as a cultural oddity, video games have become a mainstay of today’s omnipresent and sprawling digital ecosystem. and NH Investment & Securities are co-arrangers.įollowing the success of PUBG, Krafton is looking to expand into fields like artificial intelligence, deep learning and entertainment to expand its portfolio of growth drivers. The company hired Mirae Asset Daewoo as lead arranger while Credit Suisse Group AG, Citigroup Inc., JPMorgan Chase & Co. The firm had revenue of 1.67 trillion won and operating income of 774 billion won last year, according to a regulatory filing. PUBG also accounts for the vast majority of Krafton’s sales and profits.
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It has catalyzed a genre that now also includes other global hits like Epic Games Inc.’s Fortnite and Sea Ltd.’s Free Fire. The title has sold more than 75 million copies across PC and console platforms and its mobile version has been downloaded more than a billion times, the company said. Riding a boom in retail trading, Asia’s fourth largest economy is on track for a record year of floats, with more deals from the likes of LG Energy Solution and Kakao’s affiliates likely to come in the second half.įounded by Chang Byung-gyu in 2007, Krafton-formerly known as Bluehole Inc.-released the battle royale game PUBG in 2017. The largest listing on domestic exchanges had been Samsung Life Insurance Co.’s $4.3 billion share sale in 2010.
Krafton is seeking to smash the record for the biggest debut among South Korean companies, previously held by Coupang Inc., which raised $4.6 billion in an IPO on the New York Stock Exchange in March. Krafton plans to finalize the price July 9 and list on July 22. The top of the range exceeded general market expectations and would grant Krafton a market capitalization of 28 trillion won, based on the number of common shares.
The gaming company will sell more than 10 million shares at 458,000 won to 557,000 won apiece, Pangyo-based Krafton said in a filing Wednesday.
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