Stellar Blade PS5 PlayStation

South Korean developer Shift Up, responsible for PS5 exclusive Stellar Blade, has gone public, completing an initial public offering (IPO) worth some 435 billion won, or about $320 million. Founder and CEO, Hyung-Tae Kim remains the largest shareholder, with a stake worth an eye-watering $1.2 billion, with Chinese holding company Tencent moving into second place. The company itself has projected valuation of around $2.3 billion.

Bloomberg reports that it's the largest gaming IPO to come out of South Korea in more than two years since PUBG dev Krafton raised some $3.8 billion back in 2021 (thanks, GamesIndustry.biz). Along with Stellar Blade, Shift Up has been printing money through its successful mobile games, Goddess of Victory: Nikke and Destiny Child. The studio intends to double down on what it does best and will use the proceeds to grow its games portfolio.

Are you surprised to see the swift, successful rise of Shift Up? What do you hope to see from the developer in future, a sequel to Stellar Blade or a new IP? Let us know in the comments section below.

[source bloomberg.com, via gamesindustry.biz]