UPDATE 1-Shares in S.Korea’s Krafton, maker of hit game ‘PUBG’, fall in debut

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.