S Korean game developer Krafton prices IPO to raise $3.75b

South Korean game developer Krafton Inc said on Thursday it had priced its initial public offering (IPO) at the top of its indicative range to raise 4.3 trillion won ($3.75 billion).

Krafton shares were priced at 498,000 won compared with a range of 400,000-498,000 won per share, it said.

The Tencent-backed company behind blockbuster video game “PlayerUnknown’s Battlegrounds” (PUBG) had cut its IPO target by nearly a quarter in early July after a regulator said it needed to revise its filings.

Despite the target cut, it is the second-largest South Korean IPO ever, after Samsung Life Insurance’s 2010 float worth 4.9 trillion won.

Executives said in a press conference on Monday its PUBG IP has global visibility and a strong fan base, shown by instances such as the recently launched Battlegrounds Mobile India regaining the IP’s previous user number in the country despite months of no service, as an older version was banned.

It plans to expand on the IP through new games to be launched this year and next, as well as through other media forms such as short films and animations, CEO Kim Chang-han said.

Some 70% of the funds raised will be used for global mergers and acquisitions, CFO Bae Dong-keun said, adding that in the past it had been hindered by steep price tags for deals in the global gaming industry, showcased for instance by Microsoft’s acquisition of ZeniMax Media for $7.5 billion announced last year.

It is expected to list around August 10.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.