Shift Up Corp., the South Korean developer behind PlayStation 5 exclusive Stellar Blade, has raised 435 billion won ($320 million) in its first day of trade after an initial public offering.
According to Bloomberg, that’s the largest in the country for a gaming company since 2021, when PUBG maker Krafton Inc. raised $3.8 billion from its own IPO.
Shift Up Corp. sold nearly 7.3 million shares at 60,000 won each. There was demand for 226 times the number of shares available, Bloomberg said. China’s Tencent is its second-largest holder.
The company’s success here comes off the back of the launch of Stellar Blade, which has sold more than one million copies and may spawn a sequel as well as a PC version, and its popular mobile game, Goddess of Victory: Nikke.
Stellar Blade, which launched on April 26, 2024, took inspiration from Alita: Battle Angel, 80s and 90s science fiction, and a taxi driver strike according to director Kim Hyung Tae. It’s already enjoyed a handful of post-launch updates, including one which added a boss challenge mode, new outfits, and more.
In our 7/10 review, IGN said: “Stellar Blade is great in all of the most important ways for an action game, but dull characters, a lackluster story, and several frustrating elements of its role playing game mechanics prevent it from soaring along with the best of the genre.”
Wesley is the UK News Editor for IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
