Shift Up may price IPO at top end of band

Shift Up’s second-largest shareholder is Tencent with a 40% stake, which is expected to shrink to about 35% after the public offering, analysts said. — Reuters

SEOUL: South Korean gaming company Shift Up is set to price its initial public offering (IPO) at the top end of its price band and raise US$313mil, according to a source with direct knowledge of the matter.

Books close this week and pricing is expected to be finalised on Monday, the source said. The source did not want to be identified since they are discussing confidential information.

Shift Up did not have immediate comment when contacted by Reuters.

If finalised, the pricing values the game developer’s market capitalisation at 3.5 trillion won (US$2.52bil).

Shift Up’s second-largest shareholder is Tencent with a 40% stake, which is expected to shrink to about 35% after the public offering, analysts said.

Tencent did not immediately respond to a request for comment. — Reuters