- Shift Up has successfully raised 435 billion won ($320 million) through its recent IPO and plans to use the funds to expand its game portfolio.
- This achievement is notable as Shift Up’s success has been primarily driven by just two games: the PS5 title Stellar Blade and the popular mobile game Goddess of Victory: Nikke.
South Korean game developer Shift Up recently achieved a significant milestone by raising 435 billion won ($320 million) through its initial public offering (IPO). This sizeable investment marks the second largest IPO ever conducted by a South Korean gaming company, following Krafton’s $3.8 billion IPO in 2021.
According to a report by Bloomberg, Shift Up sold close to 7.3 million shares at a price of 60,000 won each, with demand surpassing the available shares by an impressive 226 times.
The company intends to utilize the IPO funds to diversify its game portfolio, as it had previously focused on releasing two successful titles: the PS5-exclusive Steller Blade earlier this year and the immensely popular mobile and PC game Goddess of Victory: Nikke in 2022.
Acknowledging their achievements
While Stellar Blade has achieved commendable sales of over a million copies, Shift Up’s post-IPO success is predominantly attributed to the overwhelming success of Goddess of Victory: Nikke, which continues to generate substantial revenue for the company, exceeding 750 million.
The initial success of the game led to a significant increase in the company’s valuation to $2.3 billion, prompting the possibility of listing 58 million shares in 2023. Out of these, nearly 7.3 million have now been successfully sold on the Korean stock exchange.
After selling 7.3 million shares in its IPO and raising 435 billion won, Shift Up’s valuation is presently estimated to soar to 3.48 trillion won ($2.5 billion) according to a report by CNBC.
In 2023, the company reported a remarkable sales figure of 168.6 billion won, reflecting a substantial 155.2% year-on-year increase in revenue.
