Krafton Stock Price

The KOSPI-listed stock price of Krafton, the game company that owns the PUBG IP, characterized by high volatility after its IPO and fluctuations driven by new titles and overseas performance.

Krafton Stock Price

Overview

Krafton stock price refers to the price of common shares listed on the KOSPI market by Krafton, Inc. (크래프톤(주)), a domestic game development and publishing company that owns the PUBG (PlayerUnknown's Battlegrounds) IP. In August 2021, it listed at an IPO price of 498,000 won, recording the largest domestic IPO scale at the time, but immediately after listing, the stock price fell below the IPO price and suffered a major decline. Since then, it has established itself as a representative high-volatility game stock whose price fluctuates greatly depending on global performance and the results of new titles and new businesses.

Main Content

Company Overview

Krafton is a game company founded in 2007, with Chairman Chang Byung-gyu (장병규) as its largest shareholder. PUBG, released in 2017, became a global hit and popularized the battle royale genre. Afterwards, it serviced PUBG Mobile, New State, and BGMI for the Indian market, establishing a structure in which most of its revenue is generated overseas. As China's Tencent participates as a major shareholder, its ownership structure and China-related regulatory issues tend to be sensitively reflected in the stock price.

Listing and IPO Price

It listed on the KOSPI market on August 10, 2021, and the IPO price was finalized at 498,000 won, exceeding the upper end of the desired range. As large amounts of funds poured into the institutional demand forecast, it was recorded as the largest IPO in Korean IPO history. However, on the first day of listing, the opening price was significantly below the IPO price, and the decline continued without recovering the IPO price, raising controversy over the "overvaluation of the IPO price." In this process, the sharp drop immediately after listing also sparked debate over the pricing practices of the domestic IPO market.

Stock Price Trend and Volatility

H2 2021–2022: The decline continued immediately after listing, and the stock price fell to the 200,000 won range. Concerns over slowing growth, China regulatory risk, and the burden of Tencent's lock-up shares overlapped.
2023: With PUBG Mobile's steady monetization performance, re-entry into the Indian market, and the effect of revenue conversion due to the weak won, the stock price began to rebound.
2024: As quarterly results recorded record highs and shareholder return policies such as share buybacks and cancellations were announced, the stock price fluctuated in the 300,000 won range.
2025: Reflecting expectations for new titles and new AI businesses, the stock price showed a trend of rising to its highest level since listing.

Factors Affecting the Stock Price

1. Performance of New Titles: Whether new titles such as Dark and Darker Mobile and inZOI become hits directly determines earnings forecasts and the stock price.

2. Lifespan of Core IP: Traffic and monetization metrics for the PUBG series account for an absolute portion of quarterly results.

3. Overseas and Exchange Rate Variables: Most revenue is generated in foreign currencies such as the U.S. dollar, so exchange rate fluctuations affect results and the stock price.

4. Indian Market Regulation: Decisions by the Indian government, such as the suspension and resumption of BGMI service, have cases of giving an immediate shock to the stock price.

5. Shareholder Structure: Changes in Tencent's stake and the largest shareholder's ownership ratio, and the release of lock-up shares, affect supply and demand.

6. Macro and Industry Environment: The overall KOSPI trend, game industry regulation, and policies related to probabilistic items are also variables.

Latest Trends

In 2024–2025, Krafton continued record quarterly results based on solid revenue from the PUBG IP and improved investor sentiment by expanding shareholder returns such as share buybacks and cancellations. In particular, by presenting an "AI-first" strategy that incorporates AI (artificial intelligence) into game production and services, news of cooperation with global big tech acted as a material for stock price rises. In addition, as the release performance of new titles such as inZOI and Dark and Darker Mobile was confirmed, earnings estimates showed a trend of upward revision. However, whether the stock price has settled above the IPO price (498,000 won) remains a major concern for investors, and if new titles fail to meet expectations or growth of the core IP slows, the stock price correction could be large. It is also a characteristic to note that, due to the nature of game stocks, short-term volatility expands greatly depending on earnings announcements, new title reveals, and overseas regulatory news.