Shift Up Corp., the South Korean game developer known for the PlayStation 5 exclusive Stellar Blade, has made a remarkable debut on the stock market. The company raised 435 billion won ($320 million) on its first day of trading following an initial public offering (IPO).
This IPO marks the largest for a gaming company in South Korea since 2021, when PUBG creator Krafton Inc. garnered $3.8 billion. Shift Up Corp. successfully sold nearly 7.3 million shares at 60,000 won each, with demand exceeding expectations by 226 times the number of shares available. Notably, Chinese tech giant Tencent holds a significant stake as the second-largest shareholder.
The company’s IPO success builds on the momentum from its recent game launches. Stellar Blade, released on April 26, 2024, has sold over one million copies and is set to inspire a sequel and a potential PC version. Additionally, Shift Up Corp. continues to see strong performance from its popular mobile game, Goddess of Victory: Nikke.
Stellar Blade, directed by Kim Hyung Tae, draws inspiration from Alita: Battle Angel, 80s and 90s science fiction, and a taxi driver strike. The game is set in a dystopian future where players take on the role of Eve, a warrior tasked with saving Earth from an alien invasion. The game is praised for its stunning visuals, intricate storyline, and dynamic combat system, which combines fast-paced action with strategic elements.
The game’s post-launch support has been robust, with updates that introduce a boss challenge mode, new outfits, and additional content to keep the player base engaged. Critics and players alike have lauded Stellar Blade for its deep character development, immersive environments, and compelling narrative.
With Stellar Blade’s success and the promising outlook for future projects, Shift Up Corp. is positioned as a formidable player in the global gaming industry, leveraging its innovative game design and engaging storytelling to captivate audiences worldwide.
