PUBG and Battlegrounds Mobile developers Krafton listed themselves on the IPO. The list has now been halted owing to misinformation in the Memorandum amidst talks of a ban for BGMI
Krafton’s Battlegrounds Mobile India is all set to launch in India and early access to the game is now available. Moreover, the company wanted to list their IPO and it is now halted. Krafton is one of the biggest companies in the gaming sector and the current worth of the company is over billions. So, why the IPO of the gaming developer company Krafton is halted?
BGMI Ban: Krafton IPO Halted by Korea’s Financial Supervisory Services
Krafton is a South Korean gaming company that is famous for its battle royale game Player’s Unknown Battlegrounds. Moreover, the game has received a lot of criticism and is banned in many regions including India. Later, Krafton developed a game exclusively for Indian gamers named Battlegrounds Mobile India.
Furthermore, Krafton listed their IPO to raise a fund of more than $5 billion. The IPO listing is denied for now from South Korea’s Financial Supervisory Services. Krafton denied giving any statement on the delay and it is expected that they will resubmit its application.
The rumor suggests that there were three issues due to which the IPO listing is denied. First, not have had a proper format. Second, contained false information or an omission of important facts, and last included unclear statements that might undermine investors’ reasonable judgment or lead to serious misunderstanding.
Battleground Mobile India IPO
Now according to the local allegations, if Krafton doesn’t submit its revised application in the next three months, the previous will be considered withdrawn. Moreover, it was expected that Krafton is going to release more than 10 million shares to the public and investors. Out of this 10 million, 7 million are new shares, and 3 million are existing shares.
If the IPO comes in favor of Krafton, it would increase its value to $30 billion. Earlier, Tencent is having the maximum amount of shares in Krafton with a stake of 15%. Krafton filed for the IPO listing on 16th June 2021.
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