Korean Stock Exchange closing price data

Tencent-backed Shift Up's Shares Surge Nearly 50%, Close Up 18% in Record South Korean IPO

Jul 11, 2024, 05:22 AM

Shift Up, a South Korean game developer known for titles like Stellar Blade, made a successful debut on the Korean Stock Exchange. The Tencent-backed company raised 435 billion won ($320 million) in its initial public offering, marking the largest IPO for a gaming firm in South Korea since Krafton raised $3.8 billion in 2021. Shift Up's shares surged nearly 50% during its first day of trading, closing up 18% from the IPO price of 60,000 won per share. The company now boasts a market capitalization of 4.1 trillion won (approximately $3 billion).