PUBG maker Krafton plans $3.7 billion IPO in South Korea

Krafton, the video game developer of PlayerUnknown’s Battlegrounds (PUBG), will raise 4.3 trillion won ($3.7 billion) in its initial public offering (IPO).
PUBG mobile game developersKrafton said it priced its shares at 498,000 won each at the upper end of the range announced earlier this month.

The listing, scheduled for August 10, is expected to be one of the largest ever on the local bourse, reports Yonhap news agency.

While Krafton had initially sought to raise up to a record 5.6 trillion won, it lowered its pricing band after financial authorities requested revisions to its plan amid controversy of overvaluation.

The video game maker has sold over 75 million copies of PUBG for PCs and consoles globally since its launch in 2017.

The mobile version of the battle royale shooter has reached 1 billion downloads globally, excluding China.

Battlegrounds Mobile India game surpassed 34 million registered users within a week after its release in India.

Krafton plans to spend 70 percent of the funds secured from the IPO in acquiring promising game developers.

Online storytelling platform Pratilipi has raised $48 million in a funding round led by Krafton.

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