One of the hottest video games is PUBG, and it’s develope by South Korean video game developer Krafton. Its most popular games include PUBG, Battlegrounds, New State, Tera, Elyon, and Mistover. The company has a long history in South Korea and recently raised $700 million for its latest round of funding. The company is also developing an animated web cartoon, which is in the works.
The company’s biggest shareholder, Chang holds a 14% stake in the video game maker, and his wife owns a nearly 1% stake in the company. They are worth $2.9 billion according to Forbes, but their net worth was only $990 million before the IPO. This early 2019, Chang made it onto the list of Korea’s 50 richest people, but he became a billionaire earlier this year.
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In April, he made his debut on the Forbes World’s Billionaires.
In 2011, Krafton raised $3.75 billion in an initial public offering.
A round of fundraising that has already made the company a household name. But the company’s share price has declined 9% in the first day of trading, and analysts are skeptical of the new game. This could mean more competition for Krafton’s new games. But the name is probably a coincidence, and the company is likely just worried about copying its latest release.
In 2010, Chang, who is the chairman of Krafton, was the biggest shareholder with a 14% stake.
The two are estimate to be worth $2.9 billion, according to Forbes. Before the IPO, the couple had a net worth of $990 million. Earlier this year, Chang made it to Korea’s 50 richest list, and in April he made it to the Forbes World’s Billionaires list. However, they are still not yet ready to launch a game, so the market will have to wait a little longer.
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The company has raised $3.75 billion in its IPO.
However, it’s still uncertain if the company will succeed in its goal of attracting investors. PUBG PC is a highly anticipate game, but if the company fails to generate profits, it will be a failure. In addition, the company has also recently collaborated with the famous Korean girl group Blackpink. The IPO has reportedly hit a low point, but the stock is still up 9%.
In October, Krafton consolidated its holdings. Its PUBG Corp. merged with Delusion Studio, En Masse, and TERA publishing. Then, it merged PNIX, Striking Distance Studios, and TERA publishing. It named Bluehole “Bluehole,” which would now hold all of its MMOs and PUBG, Elyon, and TERA. While the new venture is still in the development phase, the company has raised over $4.3 billion to date.
The company was previously known as Bluehole Inc.
But the name was change to Krafton to distinguish it from its previous name. In the past, the company had a small online presence, but its focus was on fantasy games, such as PUBG PC. It raised $4.3 billion in its IPO, which is a huge number of investors. Then, in September 2020, the Government of India banned PUBG Mobile. After this, the company took back control of the IP from Tencent and launched it in India as “Battlegrounds Mobile India”.
After acquiring the game, the company plans to sell the mobile version of the game in Singapore. While the game was originally called Free Fire, the PUBG PC version is now known as Free Fire. After announcing its IPO, the company has settled with Garena and will now use the funds to acquire gaming companies in the country. It’s a huge day for South Korean stock market floats, with LG Energy Solution, a battery maker, and Kakao Pay, a mobile payment platform, among other companies.
The IPO was a success for the company, which has risen to the top of the benchmark KOSPI (Korea Stock Exchange). Its IPO proceeds will be use to acquire two gaming companies and cash out the rest. The stock is a big hit in South Korea, and there are more in store for the company. In the meantime, it will focus on its core business: developing video games. Its biggest game right now is “PlayerUnknown’s Battlegrounds” in South Korea.