Krafton has officially announced that it is going public next month. The company behind PUBG is now planning to raise ₩5.6 trillion ($5 billion) through IPO.

The developer will sell over 10 million shares at price between ₩450,000 and ₩557,000. The listing may raise the company’s market valuation to up to $25 billion.

According to Bloomberg, Krafton’s public debut might become the largest in the history of South Korea. Coupang was the previous record-holder after it raised $4.6 billion through IPO in March 2021, and Samsung Life Insurance had the largest domestic listing, raising $4.3 billion after selling shares in 2010.

Krafton is expected to finalize the price of its shares on July 9 and list on July 22. The company’s co-founder will remain the largest shareholder with a 14% stake, followed by Tencent with 13.2%.

The South Korean developer had a strong first quarter, with its revenue reaching ₩461 billion ($413 million) and net income reaching ₩194 billion (₩174 million). It is also worth noting that PUBG accounted for most of Krafton’s revenue.

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