Shift-Up Successfully Subscribed by Raising 18.55 trillion won in General Public Offering!
Jul 03, 2024
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Shift-Up, which was one of the top IPO expectations this year, met expectations by attracting nearly 19 trillion won in subscription fees.
With the general public offering of the shift-up closed on the 3rd, 693,283 people participated in the subscription, and the subscription amount reached 18.555 trillion won. The competition rate was 341.24 to 1. HD Hyundai Marine Solution, which was listed in May, attracted 25 trillion won, the second-largest amount of subscription this year.
Korea Investment & Securities Co. was the highest at 345.72 to 1, followed by NH Investment & Securities Co. with 338.47 to 1, and Shinhan Investment & Securities Co., which had the lowest number of subscriptions, with 325.05 to 1. In the case of Korean and NH subscribers, more than one week of equal allocation was secured, while in the case of Shinhan, the probability of equal allocation of one week was 88%.
Originally, the competition rate for subscriptions was slightly lower on the 2nd, the first day, at 13.23 to 1, but subscriptions were concentrated on the 3rd, the last day. In particular, the KOSPI and KOSDAQ indexes fell sharply the previous day, but the KOSPI and KOSDAQ rebounded 0.47 percent and 0.75 percent as the U.S. stock market's upward impact and the government's tax benefits for the stock market 'ValueUp' were announced.
ShiftUp became the first game company to go directly to the KOSPI in three years, following Krafton, which was listed on the KOSPI in 2021. Initially, Krafton's competition ratio was only 7.79 to 1 due to the public offering price exceeding market expectations, and the subscription fee was only 5 trillion won. As a result, the stock price only briefly exceeded the offering price, and since then, it has fallen more than 70% from the offering price, causing great disappointment to market investors. Therefore, concerns were raised about shift-up, the same game owner, but it collected more than three times the subscription fee of Krafton in the general public offering, reflecting expectations after listing.
ShiftUp will be listed on the 11th. The public offering price is 60,000 won, so the market capitalization will start at 3.5 trillion won. It is the fourth-highest market capitalization among game companies listed in Korea after Krafton, Netmarble and NCsoft. If the stock price exceeds the mid-80,000 won range after the listing, it will jump to second place, beating Netmarble, which has a market capitalization of less than 5 trillion won.
bluesky@sportschosun.com
