Shift Up Files for IPO

Business

13 March 2024 06:06

Stellar Blade developer Shift Up filed for an IPO. Shift Up, on March 5, applied to offer over 58 million shares on the Korea Stock Exchange. The initial public offering will see 7.25 million shares available for sale, each with a nominal value of ₩200 ($0.15).

The IPO process is being managed by Korea Investment & Securities, NH Investment & Securities, and the Seoul branch of JP Morgan Securities. As of October 2023, Shift Up's market valuation neared $1.5b. Around this period, WeMade Entertainment divested 2 million of its shares in Shift Up, selling them to Tencent's Aceville subsidiary for $53.9m. The company also aims to get investment from Saudi Arabia via the IPO.

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