There is a mega IPO in the works with the unicorn company Krafton Inc. It is set to raise the largest-ever IPO of the South Korean industry, around $5 billion. PlayerUnknown’s Battleground (PUBG) is owned by Krafton Inc. The hit gaming franchise has ushered the company to rise to new heights. If the expected IPO amount is reached, the founder will be worth around $3.5 billion.
Owner Company of PUBG Set to Raise $5 billion in Mega IPO
Chang Byung-gyu, the founder of the firm will be holding a solid 14% of the shares after the initial public offering. The company is set to go public next month, with 20% public shares to offer. Krafton Inc. has changed the tech landscape of the South Korean economy. Especially for a self-made tech mogul to reach their massive milestone of becoming a billionaire.
Some words from the head of corporate research firm; Leaders Index; Park Ju-gun,
“Inherited wealth is no longer the only way to get rich. This new type of wealth creation adds to the dynamism of South Korea’s economy.”
She also added, regarding the rise of self-made billionaires in the South Korean industrial landscape,
“These entrepreneurs who have built their businesses from scratch tend to relate more to inequality issues. They’ve also suffered to get where they are.”
And now the owner company of PUBG is set to raise $5 billion in this mega IPO. The CEO of the firm, Kim Chang-han, may become worth as much as $336 million, optimistically. Tencent holdings will hold 13% of the shares after the company goes public. This could be worth around $3.3 billion. The CEO is determined to make sure that Krafton doesn’t stay a “one-hit wonder”. It can be expected of Krafton Inc. to bring forth more amazing products in near future.
Chang had stated in a published interview from January 2018,
“I never expected this success. I first thought it’d be good to sell 400,000 titles to earn back the money we invested.”
This push to go public especially came after the E-commerce firm, Coupang Inc. raised around $4.6 billion at NYSE (New York Stock Exchange) and now, Krafton Inc. will be exceeding that amount as well, to be the top in the listing of IPOs from any South Korean firm. Coupang Inc., which is a Seoul-based fintech company, is second in position to Krafton now. This has jumpstarted the CEO, Bom Kim, to gather a net worth of $6.9 billion.