Photo: Yonhap News
Kakao Games, the game developing unit of South Korean mobile giant Kakao, has become the third most-valued stock on the tech-heavy KOSDAQ, with a market cap of 5.9 trillion won.
The gaming company skyrocketed by the daily permissible limit for the second consecutive day Friday.
It spiked 29.97 percent to 81,100 won on the secondary bourse in early morning trade following its market debut Thursday.
Prior to its IPO, investors rushed to Kakao Games for its growth potential amid the coronavirus pandemic, and chipped in 58.5 trillion won in deposits to buy its stocks, the largest in the country's IPO history.
The company said it plans to use the proceeds from the IPO to develop a dozen new games, including "Elyon" for PC and Odin for mobile devices.
The business is pushing to launch the two massively multiplayer online role-playing games (MMORPG) by year's end.
Kakao Corp. owns the largest 58.96 percent stake in Kakao Games, which has been broadening its presence across Asia since its launch in April 2016.
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