Korea’s IPO market gains traction in June

[Graphics by Song Ji-yoon]

A slew of initial public offerings (IPOs) are scheduled in June after several companies postponed their listing dates in response to stricter reviews by financial authorities.

According to the Korea Exchange on Sunday, 13 companies will receive public subscriptions in June, a significant increase from May when only two companies (ICTK Co. and NoBrand) made public offerings among newly listed companies.

The first week of June will feature offerings from power company Gridwiz Co. and ultra-compact laser technology company LaMeditech Co.

In the second week, four companies will receive public subscriptions, including energy storage device (ESS) specialist HANJUNG NCS, wearable electrocardiogram device developer Seers Technology, cell and gene therapy (CGT) culture medium specialist Xcell Therapeutics Inc., and SOS Lab Co., which manufactures laser imaging, detection, and ranging systems.

In the third week, game developer Shift up Co., industrial motor company HIGEN RNM Co, and space launch vehicle developer INNOSPC will move forward with their IPOs.

Industry insiders are paying attention particularly to Shift up, given its attempt to become the third game stock on the benchmark Kospi market after Netmarble Corp and Krafton Inc.

Founded in 2013 by Kim Hyung-tae, who once worked for NCSoft Corp as a graphic designer, the game developer gained significant attention in 2022 with the release of game title “Goddess of Victory: Nikke,” which became a hit at home and abroad, by achieving over 1 trillion won ($722 million) in sales through the first quarter.

If Shift up successfully launches its offering at the upper end of its price 60,000 won per share, its market capitalization could reach up to 3.5 trillion won, making it the largest game company in Seoul after Krafton, Netmarble, and NCSoft.