PUBG creator Krafton to use IPO proceeds to invest in India

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Pune: South Korea’s Krafton Inc. will use part of its IPO proceeds to invest in new markets, including India, the creator of the popular pubg video game has said.

Local newspapers reported that the firm will list on August 10 and intends to raise 4.31 trillion won (about $3.74 billion) through the initial public offering.

“Our goal is to attain a leadership position pre-emptively in high-growth emerging markets such as India and the Middle East,” The Korea Herald quoted Krafton CEO Kim Chang-han as saying. “Krafton’s strategy (for the goal) is expanding content to non-gaming media and platforms by utilising our intellectual property rights that have been secured from games.”

Earlier this month, the company’s division head in India, Sean Hyunil Sohn, had told ET that the company would deploy further capital in India as investors from a mid- to long-term perspective. The company had earlier committed to investing in India $100 million, which it might increase if the right opportunities came up.

“About 70% of the funds secured from the IPO will be used for global mergers and acquisitions. The remaining 30% will be used to invest in new markets, including India, the Middle East and North Africa to spread our influence, as well as supplementing high performance equipment,” Krafton’s Chief Financial Officer Bae Dong-keun said.

The company recently announced an investment in game-streaming platform Loco and online storytelling platform Pratilipi. It had earlier invested in esports company Nodwin Gaming.

“Looking at the future, our philosophy is more about finding the strategic fit in terms of right founders, market areas and potential strategic collaborations. These three things define our decision making rather than a fixed stage or pure financial return like a financial investor,” said Sohn.

Krafton launched Battlegrounds Mobile India, the local version of its popular battle royale game PlayerUnknown’s Battlegrounds (PUBG), on July 2. The mobile version of PUBG, published by Chinese internet firm Tencent Holdings Ltd. in India, was banned last year as part of a wider crackdown on Chinese apps.

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