Shares in Krafton Inc, the South Korean company behind the blockbuster video game “PlayerUnknown’s Battlegrounds” (PUBG), opened down 9.9% from their initial public offering (IPO) price on their trading debut on Tuesday. The games developer, backed by Chinese gaming giant Tencent Holdings Ltd, was valued at about $19.6 billion on Tuesday, with shares trading at 460,000 won in morning trade down from an IPO price of 498,000 won. Krafton derived 87% of its revenue from Asia, excluding South Korea, in the January-March quarter, a large portion of which is seen coming from sales in China handled by Tencent.
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