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.