South Korean game developer Krafton Inc prices IPO at top of indicative range, to raise $3.75 billion

On Thursday, South Korean game developer Krafton Inc said, it had priced its initial public offering (IPO) at the top of its indicative range to raise $3.75 billion (4.3 trillion won). Krafton’s shares were priced at 498,000 won compared with a range of 400,000-498,000 won per share.

Despite the target cut, it is the second-biggest South Korean IPO ever, after Samsung Life Insurance’s market debut in 2010 worth 4.9 trillion won.

During a press conference, executives from the company said, PUBG IP has global visibility and a strong fan base, shown by instances such as the recently launched Battlegrounds Mobile India regaining the IP’s previous user number in the country despite months of no service, as an older version was banned.

It now plans on expanding on the IP through new games which are scheduled to be launched later this year as well as in the next year, as well as through other media channels including animations and short films, said CEO Kim Chang-han.

Around 70% of the funds raised will be used for global mergers and acquisitions, said CFO Bae Dong-keun.

Krafton Inc is expected to be listed around August 10.

($1 = 1,145.7800 won)

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