November 30, 2022


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Odin Valhalla Rising’s Lionheart Studio retracts IPO listing plans over valuation issues and market fatigue

Before this thirty day period we documented on Odin: Valhalla Growing developer Lionheart Studio’s options to checklist its IPO on the Korean KOSDAQ stock exchange, which took place to be cause for the firm to define a list of many MMO jobs it has cooking. Take into consideration this headline an addendum to the IPO listing portion of that story, as Lionheart has resolved to reel back its listing strategies for the reason that of some interesting sector-associated motives.

The determination reportedly stems from two diverse factors: studio marketplace price and the market’s in general exhaustion of publisher Kakao Games’ glut of IPOs. Lionheart seemingly hoped its current market cap would be valued at a bare minimum of 3 trillion Korean won (about $2.1 billion USD) with its initial selling price, but marketplace sentiment located that valuation to be “excessive.”

Additionally, buyers reportedly reacted badly to nonetheless yet another Kakao-owned IPO heading to the market, as concerns have been raised that the addition of another Kakao subsidiary would damage the gains of Kakao stockholders for context, Kakao retains a 54% stake in Lionheart.

Definitely, this does not have any bearing on any of the game titles Lionheart listed as in manufacturing, but it is an intriguing small asterisk to the complete wider tale.