Game Maker Shift Up Jumps in South Korea After $320 Million IPO
- Tencent-backed firm sold shares at the top of an offered range
- It’s the largest Korean IPO by a gaming firm since Krafton
Game developer Shift Up Corp. jumped 18% in its first day of trade in South Korea after an initial public offering that raised 435 billion won ($320 million), the largest in the country for a gaming firm in almost three years.
The shares ended the session at 71,000 won. The startup, which has China’s Tencent Holdings Ltd. as its second-largest holder, sold nearly 7.3 million shares at 60,000 won each, the top of a marketed range. The offering drew strong interest from funds, with demand for 226 times the number of shares available to them, according to a filing last week.