It’s been all about IPOs as South Korea’s biggest gaming startup Krafton is set to go public and announces lowering of its issue price, and Kakao Bank and Kakao Pay, two financial services affiliates of Korea’s internet giant Kakao Corp., are speeding up the timelines of their initial public offerings (IPO). Also, Krafton invests in Indian gaming startup Loco and startup ‘Genibot’ is set to participate in the world’s largest mobile communication fair (MWC) 2021 held in Barcelona, Spain. Besides, check out life in Seoul with webtoons featured by Seoul Metropolitan Government.
Source: The Korea Herald
South Korean game developer Krafton has decided to lower its initial public offering price range ahead of its market debut on the country’s benchmark Kospi next month, following criticism from both financial authorities and market watchers saying that its valuation is “overrated.”
The company made some corrections on its prospectus Thursday via DART — the Financial Supervisory Service’s electronic disclosure board — by reducing a target price band and the number of new shares to issue. Krafton’s new target price band for the IPO stands at between 400,000 won ($353.20) and 498,000 won, nearly 50,000 won lower from its previous target price range of 458,000 won and 557,000 won. It has also changed the plan to issue some 8.65 million shares, instead of floating 10 million shares.
Under the revised plan, the game developer aims to raise up to 4.4 trillion won through the IPO proceeds. The size of the deal has been much smaller, compared to the firm’s earlier hope of raising up to a record-high 5.6 trillion won.
Source: The Korea Times
Kakao Bank and Kakao Pay, two financial services affiliates of Kakao Corp., are speeding up the timelines of their initial public offerings (IPO). Kakao owns 31.6 percent of Kakao Bank and 55 percent of Kakao Pay. Kakao Bank will be listed on the Korea Exchange (KRX) on Aug. 8 with its initial subscription price likely to range between 33,000 won ($29.2) and 39,000 won.
Kakao Pay plans to apply for a brokerage license with the Financial Supervisory Service (FSS) this week, following the passage of its request to the KRX for preliminary approval, Monday. The number of the internet-only bank’s stocks available for public subscription will be 65.45 million, accounting for 13.78 percent of total outstanding shares. Between 2.1 trillion won and 2.5 trillion won will be drawn from retail investors.
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Indian game streaming platform Loco now backed by PUBG distributor Krafton Inc. and gaming media fund Lumikai
Mumbai-based game streaming platform Loco has raised $9 million from investors, including South Korean gaming company Krafton Inc., which brought PUBG in India, and gaming media fund Lumikai. The funding is Krafton’s first investment in India. Hiro Capital, Axilor Ventures, and 3one4 Capital also participated in the financing round.
Livestreaming of games has been globally promoted by Amazon.com Inc.’s Twitch in the U.S. and DouYu International Holdings Ltd. and Huya Inc. in China. However, India lacking a gaming legacy on consoles or desktops, witnessed a boost during the pandemic, as million people restricted indoors by the nationwide lockdown turned to their smartphones to seek entertainment. Krafton’s PUBG Mobile, distributed in India by Tencent Holdings Ltd., was among the most popular games in the country before it was banned last year. Mumbai-based Loco will become a separate entity from the parent company Pocket Aces.
Edutech (technology and education convergence field) startup ‘Genibot’ announced on the June 28th that it will participate in the world’s largest mobile communication fair (MWC) 2021 held in Barcelona, Spain.
Genibot is an edutech startup that develops and manufactures interactive video education platform ‘LIMS’ and ‘Genibot’, a coding/steam/artificial intelligence (AI) educational robot. At this MWC, both Genibot and robot-based interactive video education platform LIMS will be introduced. In May of last year, it signed a sales contract worth $840,000 including prototypes in 15 overseas countries. This year, it is expected to export more than $1 million to Russia, Belgium, Vietnam, Thailand and Saudi Arabia.