South Korean gaming company Shift Up is poised to price its initial public offering (IPO) at the top end of its price band, aiming to raise $313 million, according to a source with direct knowledge of the matter. The books close this week, with final pricing expected on Monday.
If finalized, the pricing will value the game developer at 3.5 trillion won ($2.52 billion). Shift Up’s second-largest shareholder, Tencent, which holds a 40% stake, is expected to see its share reduce to about 35% after the IPO, analysts said. Tencent did not immediately respond to a request for comment.
($1 = 1,389.8100 won)