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Stellar Blade studio Shift Up files for IPO

Stellar Blade developer Shift Up has filed to go public on the Korea Stock Exchange.

As reported by Game World Observer, Shift Up filed an application on March 5, with more than 58 million shares due to be issued. 7.25 million shares will be up for sale during the initial public offering, valued at ₩200 ($0.15) per share.

The application (as translated by Google Translate) showed sales reaching ₩66 billion ($50 million) for the Korean developer, but net profit in the negative – while it’s unclear which period this covers, the company reported loss of ₩7.13 billion ($5.4 million).

Publication Game Look reported that Shift Up’s valuation could grow to ₩3 trillion ($2.3 billion) after the release of Stellar Blade. The company was previously valued at around ₩2 trillion ($1.53 billion) after the release of mobile title Goddess of Victory: Nikke, in 2022 on Android and 2023 on iOS.

The IPO will be led by Korea Investment & Securities, NH Investment & Securities, and Seoul-based JP Morgan Securities.

Shift Up was founded in 2013 by studio head and creative director Kim Hung Tae and CFO Kyung Rip Min. Tencent acquired a 20% stake in the studio in December 2022.

Shift Up’s latest project, Stellar Blade, was unveiled during a Sony State of Play in September 2022, and shown a bit more in depth last month during another PlayStation showcase. It is due to release exclusively on PS5 on April 26, 2024.

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