Stellar Blade dev generates over $300m in IPO, South Korea’s second-largest this year

Stellar Blade developer Shift Up has achieved South Korea’s largest initial public offering (IPO) for a video game company in three years.

As reported by Bloomberg, the Seoul-based company jumped nearly 50% on its first day of trading, raising 435 billion won ($320 million).

Shift Up’s offering is the first for a game firm to clear $50 million since 2021, when PUBG owner Krafton’s IPO reached $3.8 billion. Shift Up’s IPO is the second-largest in South Korea this year, behind HD Hyundai Marine Solution Co.’s $553 million offering.

Shift Up has said it plans to use the IPO proceeds to diversify its game portfolios, according to terms of the deal.

Shift Up was founded in 2013 by Hyung-Tae Kim, who remains as the company’s largest holder after the listing. The company’s second-largest holder is Tencent Holdings.

“The investment case rests on a stellar game development track record, several growth drivers, high profitability, and cash generation,” said Arun George, an analyst at Global Equity Research.

Stellar Blade released for PlayStation 5 earlier this year. ShiftUp has claimed that sales of the game have exceeded 1 million units worldwide.

VGC’s Stellar Blade review called it “one of the most mechanically satisfying action games of the generation.”

“For those who wished that God of War Ragnarok offered a bit more challenge or that Bayonetta had a bit more weight to its combat, this slick sci-fi slasher is the perfect tonic, offering both the perfect entry point into the Souls-like genre and a refreshing refinement of the well-worn character action formula,” we wrote.