PlayerUnknown’s Battlegrounds, one of the most successful games of all time, is set to create vast riches when the company behind it goes public next month.
Krafton Inc. founder Chang Byung-gyu could be worth as much as $3.5 billion if the firm’s initial public offering prices at the top end of the range given in its IPO filing, according to the
Bloomberg Billionaires Index. Krafton is seeking to raise as much as 5.6 trillion won ($4.9 billion) in Seoul in what’s likely to be South Korea’s largest ever IPO. Chang will hold 14% of the shares after the offering.
The listing will also produce a string of other beneficiaries, from Chang’s wife to Chief Executive Officer Kim Chang-han and Tencent Holdings Ltd.
It’s the latest example of how the wealth landscape is changing in South Korea as self-made technology entrepreneurs move up the ranks of the country’s richest, which were previously dominated by people from family-controlled conglomerates that trace their roots back decades.
“Inherited wealth is no longer the only way to get rich,” said Park Ju-gun, head of corporate research firm Leaders Index in Seoul. This new type of wealth creation “adds to the dynamism of South Korea’s economy.”
PUBG Maker Plans to Raise $5 Billion in Landmark Korea IPO