April 20, 2024
Mobile & Internet
DoubleUGames kicks off IPO process for US subsidiary
The8Games is a domestic subsidiary of DoubleUGames which owns US mobile game firm DoubleDown Interactive based in Seattle, US. The company said that DDI is the actual listed entity.
Samsung Securities and Mirae Asset Daewoo have been selected as underwriters and consultations have already started with Korea Exchange to decide on a specific listing schedule and process.
This is the first case where a Korean company is seeking a KOSDAQ listing after acquiring a prominent foreign competitor. Doosan Bobcat is a similar case on the main bourse KOSPI.
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DoubleUGames acquired DDI in June last year for US$825 million -- the largest overseas purchase by a Korean game company. DDI’s operating revenue reached 268.5 billion last year.
After acquiring an additional 1,010,913 shares of the game developer for 303.3 billion won (US$267 million) in May this year, DoubleUGames become the sole owner of The8Games.
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The firm was evaluating listing DDI on global stock exchanges such as NASDAQ, Hong Kong Exchange and Singapore Exchange, but chose KOSDAQ after considering the high liquidity and valuation of the tech-heavy bourse, the company said. It plans to file a listing eligibility review in April next year after the audit for fiscal year 2018 is finalized, and hopes to wrap up the initial public offering by October.
“We plan to make additional mergers and acquisitions after listing The8Games by next year,” Won Yong-Joon, CFO of DoubleUGames, said. “We will continue to strive to become the world’s top company in the global social casino market of 5 trillion won”
By Park Ga-young (
