Shift Up Corp., the South Korean developer behind PlayStation 5 exclusive Stellar Blade, raised 435 billion won ($320 million) on its first day of trading following its initial public offering.
According to BloombergThis is the largest amount in the country for a gaming company since 2021, when PUBG creator Krafton Inc. raised $3.8 billion in its own IPO.
Shift Up Corp. sold nearly 7.3 million shares at 60,000 won each. Bloomberg reported that demand was 226 times greater than the number of shares available. The second-largest holder is China’s Tencent.
The company’s success is the result of the release of Stellar Blade, which sold over a million copies and may spawn a sequel and a PC version, as well as the popular mobile game Goddess of Victory: Nikke.
Stellar Blade, which premiered on April 26, 2024, inspiration Alita: Battle Angel, 80s and 90s science fiction and the taxi drivers’ strike by director Kim Hyung Tae. It has already received several updates after its premiere, including one that added a boss challenge mode, modern outfits, and more.
In our review 7/10IGN stated, “Stellar Blade is great in every way as an action game, but boring characters, a bland story, and some frustrating RPG mechanics keep it from reaching the heights of its genre.”
Wesley is the UK News Editor for IGN. Find him on Twitter @wyp100. You can contact Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
