Paul Hastings Advised Shift Up On $315 Million IPO
Paul Hastings Advised Shift Up On $315 Million IPO
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 (IPO) on the Korea Exchange. This IPO is South Korea’s second-largest in 2024.
Tencent, Shift Up's second-largest shareholder, currently holds a 40 percent stake, which is expected to decrease to about 35 percent following the public offering, according to Reuters.
Shift Up launched its debut title, Destiny Child, in 2016 and has since seen substantial 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 release, Stellar Blade, launched exclusively for PlayStation 5 in April through a publishing deal with Sony. Stellar Blade achieved the top spot in Japan's PlayStation download rankings and secured 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 partners also advised HD Hyundai Marine Solution on its $545 million IPO in May, marking South Korea’s largest IPO this year to date.
