Krafton, the South Korean company behind the blockbuster video game “PlayerUnknown’s Battlegrounds”, said on Wednesday that its IPO will raise up to 5.6 trillion Swedish kronor ( 36,730 crore) at the top of the indicative range, which will be the country’s record.

Krafton stated in a regulatory document that it expects to issue 10 million shares, including 7 million new shares and 3 million existing shares, with an indicative range of 458,000 SEK (about 30,000 rupees) to 557,000 per share. Swedish Krona ( Rs 36,500).

At the top of the range, will be the largest listing in South Korea, Samsung Life’s 2010 4.9 trillion Swedish Krona ( Rs 32,170 crore) IPO.

The price is expected to be determined in the next few weeks.

Krafton’s online multiplayer war game PUBG has sold 25 million copies on PCs and consoles, making it one of the fastest selling games since its launch in 2017.

Krafton plans to release two new games based on PUBG Intellectual Property (IP) year, including mobile games “PUBG: New State” and “Battlegrounds Mobile India” for the Indian market.

The company also into web-based cartoons, movies, and animations, and developed a deep learning artificial intelligence business model for consumers.

The company reported revenues of 1.67 trillion Swedish kronor ( Rs 109.7 billion) in 2020, and its operating profit more than doubled from the previous year to 774 billion Swedish kronor (approximately Rs 50.8 billion).

Mirae Securities is the chief advisor for the IPO, while Credit Suisse, NH Investment & Securities, Citigroup and JPMorgan Chase are also advisors.

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South Korea is experiencing the hottest IPO market ever, and analysts expect to raise at least SEK 20 trillion ( Rs 13,134 crore) in 2021, or about four times higher than the level in 2020.

Choi Jong-kyung, an analyst at Heungkuk Securities, said: “This year, a large number of KOSPI’s new listings are concentrated in market values ​​ranging from trillions of won to tens of trillions of won, which is unprecedented.”

© Thomson Reuters 2021