[Special Stock] Effect of Subsidiary IPO Withdrawal... Kakao Group Stocks Surge Together

Kakao Games, Subsidiary Lionheart Studio
Surges 14% Following Previous Day's KOSPI Listing Withdrawal Announcement

[Asia Economy Reporter Ji Yeon-jin] On the 14th, Kakao Group stocks are strongly rebounding following the news of the withdrawal of the listing of a subsidiary of Kakao Games, which was planning to be listed on the KOSPI market.

As of 9:05 a.m. on the same day, Kakao Games was trading at 39,900 KRW, up 14.16% from the previous day. At the same time, Kakao rose 6.77% to recover to 50,000 KRW, while Kakao Bank and Kakao Pay also recorded gains in the 4% range.

Earlier, Lionheart Studio, a subsidiary of Kakao Games, announced the day before, "After comprehensively considering various conditions including the current domestic and international situations where it is difficult to properly evaluate the company's value, we have decided to withdraw the listing," adding, "If the schedule for listing is reconfirmed in the future, we will inform the details through the submission of a securities registration statement."

Originally, Lionheart Studio planned to conduct demand forecasting for institutional investors over two days on the 28th and 31st of this month, finalize the public offering price, and then list the stock next month.

The company is the developer of the popular game distributed by Kakao Games, Odin: Valhalla Rising, and Kakao Group has faced criticism for spinning off its core business units through a physical division before listing.

This content was produced with the assistance of AI translation services.