Paul Hastings Advised SHIFT UP Corporation on its IPO and Listing on the Korea Exchange

Paul Hastings LLP advised SHIFT UP Corporation, a leading game development studio in Korea, on its global offering and listing on the Korea Exchange. J.P. Morgan, Korea Investment & Securities and NH Investment & Securities acted as the joint global coordinators and joint bookrunners, and Shinhan Securities acted as a co-manager. The shares were priced at KRW60,000 each, at the top end of the indicative range. The transaction is South Korea’s second largest IPO in 2024 after HD Hyundai Marine Solution’s US$545 million IPO, in which Paul Hastings also represented the issuer.

As a leading game development studio in Korea with multiple hit intellectual properties at growth stage and unique development capacities for all major devices and diverse geographical markets, SHIFT UP Corporation has been highly successful and led its rapid growth since the global launch of the mobile version of its flagship game, Goddess of Victory: NIKKE, in November 2022. With highly talented and experienced developers, SHIFT UP Corporation aims to broaden its markets globally, while developing various genres of top-quality games on multiple platforms, such as Stellar Blade, that deliver immersive gaming experiences in the action adventure genre in particular. Proceeds from the IPO will be used for expansion and improvement of its existing intellectual properties, development of new games and content, research and development of new technologies, expansion of office facilities, and other general corporate purposes.

Paul Hastings’ leading Korea practice has advised on a number of landmark capital markets transactions since 2021, including LG Energy Solution’s US$10.7 billion IPO, Krafton’s US$3.8 billion IPO, KakaoBank’s US$2.2 billion IPO, SK ie technology’s US$2 billion IPO, KakaoPay’s US$1.3 billion IPO, Hyundai Heavy Industries’ US$923 million IPO, HK inno.N’s US$523 million IPO, Doosan Robotics’ US$317 million IPO and K Car’s US$283 million IPO.

Corporate partners Dong Chul Kim and Iksoo Kim led the Paul Hastings team, which also included associate Sye Myung Kim, and attorney David Park.

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