SEOUL (Reuters) – Shares of South Korean game developer Kakao Games Corp debuted at double its IPO price on Thursday, boosted by investors betting on companies expected to benefit from people staying at home amid the coronavirus pandemic.
Kakao Games’ shares opened at 48,000 won, valuing the company at 3.5 trillion won ($2.95 billion).
The company, a gaming unit of the country’s biggest mobile messaging operator Kakao Corp, priced its IPO last month at 24,000 won per share, the top of its indicative range.
(Reporting by Heekyong Yang and Jihoon Lee; Editing by Jacqueline Wong)
