Korea’s Pearl Abyss IPO in average price band of $81

2017.08.04 15:36:12

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South Korea’s Pearl Abyss Corp., developer of the popular multiplayer online role-playing game (MMORPG) Black Desert Online, is offering 1.8 million shares at a price band of 80,000 won ($71.14) - 103,000 won a piece in a debut on the secondary tech-heavy Kosdaq market next month.

According to Financial Supervisory Service on Friday, Pearl Abyss will offer 1.8 million shares to raise between 144.0 billion won and 185.4 billion won. The game developer is scheduled to hold a two-day book building session starting August 29. Public subscription will take place on Sept 5-6. The deal is led by Korea Investment & Securities Co.

If the IPO price set is within the desired price band after the book building session, Pearl Abyss would join the Kosdaq’s top 20 list based on market value upon listing. Its market capitalization would reach 1.2 trillion won based on the top end of the price band.

Established in 2010, Pearl Abyss has grown rapidly on the back of Black Desert Online game’s huge success in North America and Europe. The game was launched in July 2015 and has expanded out its service across the world including Russia and South America.

Pearl Abyss posted operating profit of 45.5 billion won, up 280 percent on year, for full 2016. Its sales during the same period jumped 187 percent to 62.2 billion won.

By Song Gwang-sup

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