Although the investment climate in the games industry remains turbulent, a new large public offering is on the way. South Korean developer Shift Up recently applied to be listed on the Korea Stock Exchange.

Shift Up going public at projected valuation of $2.3 billion

Stellar Blade

Shift Up filed an application on March 5, planning to list over 58 million shares on the Korea Stock Exchange. The number of shares scheduled for sale during the upcoming public offering is 7.25 million, with a par value of ₩200 ($0.15) per share.

The IPO will be led by Korea Investment & Securities, NH Investment & Securities, and JP Morgan Securities’ Seoul branch.

Image: Shift Up’s profile on the Korea Stock Exchange website (text translated via Google Translate)

As reported by GameLook, Shift Up’s valuation approached ₩2 trillion ($1.5 billion) in October 2023. Around the same time, WeMade Entertainment sold 2 million shares it owned in the studio to Tencent’s subsidiary Aceville for $53.9 million.

Korean analysts currently expect Shift Up to reach a valuation of ₩3 trillion ($2.3 billion) after going public. The main reasons are the continued success of Goddess of Victory: Nikke and the upcoming launch of Stellar Blade. According to industry experts, the company could also become a target for investors from Saudi Arabia.

Founded in 2013, Shift Up is a South Korean developer, which first came to the light with the launch of mobile battler Destiny Child. In November 2022, the studio released Goddess of Victory: Nikke, a gacha-based action title with oversexualized female characters. It has surpassed $600 million in player spending on mobile, with Japan, the US, and South Korea being the top three countries by revenue.

Shift Up co-founder CEO Kim Hyung-tae remains the largest shareholder, owning 45% of the studio’s shares. Chinese tech giant Tencent also invested twice in the studio, currently holding a 24% stake in the company.

Stellar Blade, a third-person hack and slash game made in partnership with Sony Interactive Entertainment, is expected to be released for PlayStation 5 on April 26, 2024.

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