Tencent-backed Shift Up Soars 50% in Seoul Debut After $320 Million IPO

Jul 11, 2024, 02:10 AM

Shift Up, a Tencent-backed video game developer, has successfully listed on the Korean Stock Exchange after an IPO that raised 435 billion won ($320 million), marking the largest IPO for a gaming firm in South Korea in nearly three years. On its first day of trading, Shift Up's stock price surged by as much as 50%, reflecting strong investor interest. The company's debut on the Seoul market saw its shares rise significantly, with a peak increase of 49%. Shift Up is known for developing the popular game Stellar Blade.