Tencent-backed video game developer, Shift Up, Jumps in Seoul debut

South Korean company marks country's second-biggest IPO this year

Shift Up raised 435 billion won ($315 million) in its IPO as it floated 12.5% of its stake by issuing 7.25 million new shares. It is the second-biggest IPO so far this year in South Korea, following HD Hyundai Marine Solution, which raised 742 billion won in May.

The listing comes as Seoul's IPO market recovers from a long slump since the pandemic. An online bank, K-Bank, is also preparing for a market debut later this year.

Shift Up is South Korea's fourth-largest game developer, having a lineup of Nikke: Goddess of Victory and Stellar Blade. The company plans to use the proceeds from the IPO for developing new games and content as well as doing research for artificial intelligence and other new technology.