U.S. law firm Paul Hastings has advised Tencent-backed South Korean gaming company Shift Up on its 435-billion-won ($315 million) initial public offering on the Korea Exchange.
This is South Korea’s second-largest IPO in 2024. Tencent is Shift Up's second-largest shareholder with a 40 percent stake, which is expected to shrink to about 35 percent after the public offering, reported Reuters.
Shift Up, which launched its debut title Destiny Child in 2016, has achieved significant success with its mobile game Goddess of Victory: Nikke. Since its global launch in late 2022, Nikke has generated sales of 255 billion won through the first quarter of 2024.
The company's latest offering, Stellar Blade, was released exclusively for PlayStation 5 in April through a publishing deal with Sony. The game reached the top spot in Japan's PlayStation download rankings and securing the second position in North America.
The Paul Hastings team advising Shift Up was led by corporate partners Dong Chul Kim and Iksoo Kim.
Both Iksoo Kim and Dong Chul Kim also advised HD Hyundai Marine Solution on its $545 million IPO in May, South Korea’s biggest IPO this year so far.
