Report
EUR 88.49
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Krafton Inc is a video game developer based in South Korea. The company is known for developing the global hit, PlayerUnknown's Battlegrounds (PUBG), an online multiplayer battle royale game. It is backed by Tencent and has also developed other games such as Tera, Elyon, Golf King: World Tour, Mini Golf King, Bowling King, and Archery King.
Krafton is still riding on its one-hit wonder PUBG and has shown that its transition from PC to mobile has paid off well. The company is highly reliant on China to generate about 68.1% of its total revenue in FY20.
But its India operations, Battlegrounds Mobile India, which relaunched in July 2021, should help to reduce the revenue concentration. It will also launch a sequel, PUBG: New State, which is solely developed and published by Krafton. Both launches will be directly distributed which could help Krafton capture a larger portion of revenue from players.
Krafton IPO - Adapting and transforming well
Krafton is looking to raise up to US3.8bn in its South Korea IPO.Krafton Inc is a video game developer based in South Korea. The company is known for developing the global hit, PlayerUnknown's Battlegrounds (PUBG), an online multiplayer battle royale game. It is backed by Tencent and has also developed other games such as Tera, Elyon, Golf King: World Tour, Mini Golf King, Bowling King, and Archery King.
Krafton is still riding on its one-hit wonder PUBG and has shown that its transition from PC to mobile has paid off well. The company is highly reliant on China to generate about 68.1% of its total revenue in FY20.
But its India operations, Battlegrounds Mobile India, which relaunched in July 2021, should help to reduce the revenue concentration. It will also launch a sequel, PUBG: New State, which is solely developed and published by Krafton. Both launches will be directly distributed which could help Krafton capture a larger portion of revenue from players.
Underlying
Krafton Inc.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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