At the beginning of the year, we pointed out that Krafton, the games publisher that handles titles like TERA and PUBG, was getting ready to go public soon. The company has since moved one step closer to that reality as it has filed for its preliminary approval in South Korea.
The new IPO stands to be one of South Korea’s biggest listings, with a valuation of $17.92 billion. Incidentally, Krafton has been making bank off of PUBG, with a reported revenue of 1.67 trillion won (over $958M) and operating profit of 774 billion won (over $693M) in 2020 according to a statement from the Korea Exchange.
Readers will recall that Krafton has been busy here in the west, taking back control of TERA after En Masse closed its doors, spinning off Bluehole into its own subsidiary to handle both TERA and Elyon, and subsuming PUBG Corp, all within the same topsy-turvy year. All of these moves appear to have been an effort to make Krafton’s IPO as juicy as possible, which certainly seems to have worked.