Korean Gaming Company Shift Up's Founder Becomes A Billionaire

In one of the most highly anticipated IPOs in South Korea this year, shares of online game developer Shift Up soared in their trading debut Thursday, making its founder and CEO, Kim Hyung-tae, a billionaire.

The company’s shares closed at 71,000 won on their first day of trading on the Korea Exchange, up 18% from the offering price. That gives Shift Up a valuation of around 4.1 trillion won (about $3 billion), making it the fourth-biggest online gaming company listed in South Korea by market capitalization after Krafton, Netmarble and NCSoft.

Kim, 45, is the largest shareholder of Shift Up, with a 39% stake in his own name. His wife, Chae Ji-yoon, holds a nearly 0.5% stake in the company. Forbes estimates Kim and his wife’s net worth at $1 billion.

Read the full story on Forbes: https://www.forbes.com/sites/johnkang....

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