TENCENT-Invested S Korean Game Firm 'Shift Up' Soars ~50% in 1st Day of Trading

Shift Up, a South Korean game company backed by TENCENT, saw its shares soar 49% on its first trading day, reaching as high as KRW 89,500.

The company sold 7.3 million shares at KRW 60,000 each in its IPO, the highest price in the listing range. Strong interest from fund companies led to an oversubscription of nearly 226x.

TENCENT is the second-largest shareholder. Shift Up raised KRW 435 billion (US$320 million) through the IPO, becoming the largest gaming company IPO in South Korea in the last three years.