Shift Up, the developer behind this year’s PS5 exclusive, Stellar Blade, has skyrocketed in South Korea following a monumental IPO that netted $320 million (435 billion won). Per the reports, it’s the single biggest IPO in South Korea by a gaming firm since 2021, when Krafton Inc. secured the record by netting a whopping $3.8 billion.
It’s the second-largest IPO in South Korea in 2024, only being edged out by a Hyundai subsidiary.
Big Money, Bigger Plans
In a report published by Bloomberg, it was noted that Shift Up plans to use the funds secured by the IPO (initial public offering) to ‘diversify its game portfolios’. Until now, the Seoul-based firm has developed and released two key titles: Stellar Blade (2024) and Nikke (2022).
Earlier this year, Stellar Blade was released on the PlayStation 5, scoring strong results despite an air of controversy surrounding the title. On social media, most of the discourse surrounding Stellar Blade was focused on the comely main character, Eve, and the slew of revealing outfits she could wear in the post-apocalyptic title.
Analysts have written that Shift Up’s stock value could rise now that the IPO has been such a success. The company has a ‘high success ratio’ and plenty of opportunities for diversification going forward. One analyst wrote:
The investment case rests on a stellar game development track record, several growth drivers, high profitability, and cash generation.
Stellar Blade has mostly come and gone by now, but fans are still clamouring for an expansion or a PC port. It was revealed a while ago that Shift Up is already looking at a potential follow-up title, but that’s a story for another day.
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