Shift Up, the developer behind Stellar Blade, secures $320 million in its initial public offering (IPO)

Shift Up, a game development studio from South Korea and the creator of this year's PlayStation 5 title Stellar Blade, has made a significant financial milestone by completing an initial public offering (IPO) worth 435 billion won ($320 million).

According to Bloomberg, this stands as the largest gaming IPO in South Korea in more than two years. Additionally, it's the first substantial offering of at least $50 million since Krafton, the company behind PUBG, collected $3.8 billion in 2021.

In 2024, Shift Up's IPO ranks as the second biggest in South Korea, only behind HD Hyundai Marine Solution's $553 million offering.

Shift Up, in operation since 2013, is renowned not only for Stellar Blade but also for their mobile games Goddess of Victory: Nikkie and Destiny Child. The company intends to utilize the IPO funds to broaden its game lineup.

On its debut trading day, Shift Up's stock soared by 49%, peaking at 89,500 won ($64.87) per share. Around 7.3 million shares were initially sold at 60,000 won ($43.49) each, with demand reportedly surpassing supply by 226 times, as noted by Bloomberg.

Company founder and CEO Hyung-Tae Kim will continue as the primary shareholder, with Tencent Holdings being the second-largest stakeholder.