Kakao Games (카카오게임즈 in Korean), the gaming developing unit of Kakao (Mobile messenger) in South Korea, surged in their market debut on the tech-heavy KOSDAQ on Thursday. South Korea's Kakao Games have been trading at more than double of its initial public offering price shortly after trading began.
The shares of Kakao Games started trading at 48,000 KRW ($40.49), twice the initial public offering price of 24,000 KRW ($20.24). The shares sore up to the daily permissible limit of 30 percent to 62,400 KRW per share within 5 minutes of trading. Then it maintained at its price of 62,400 KRW per share throughout the day. Its market capitalization stood at 4.6 trillion won standing at the fifth largest on KOSDAQ market.
From the initial public offering, Kakao Games raised 384 billion KRW ($323.7 million). Kakao Games has shown a new record for IPO subscription rate in South Korea. The competition for retail subscription was 1,524.85 to 1 and the accumulated deposits reached at 58.55 trillion KRW which was nearly double of SK Biopharmaceuticals of 30.99 trillion KRW in June. As Kakao Corp. owns 58.96 percent in Kakao Games, Kakao Corp. has also shown a slight boost in trading as a parent company.
There are more than 45 million monthly active users in Kakao Games. Kakao Games and the firm is planning to launch the massively multuplayer online role-playing games (MMORPG) by the end of this year.
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