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Krafton Inc., creator of the hit video game PUBG: Battlegrounds, dropped its debut on Tuesday after raising $ 3.8 billion in South Korea’s largest initial public offering in more than a decade.
Krafton’s shares fell 20% before trading at 13.5% at 10:48 a.m. in Seoul, giving it a market valuation of around 21.1 trillion won ($ 18.4 billion). the The company backed by Tencent Holdings Ltd. has already reduced its targeted offering by more than 1,000 billion won over concerns over its valuation and reliance on PUBG for nearly all of its revenue.
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