Odin Developer Lionheart Studio "Withdrawal of Listing"

[Asia Economy Reporter Kang Nahum] Lionheart Studio, the developer of the MMORPG (Massively Multiplayer Online Role-Playing Game) 'Odin: Valhalla Rising,' a key subsidiary of Kakao Games, has withdrawn its plan to list on KOSDAQ.

On the 13th, Lionheart stated, "We are submitting a withdrawal report after comprehensively considering the current domestic and international circumstances that make it difficult to properly evaluate the company's value."

Previously, Lionheart planned to finalize the public offering price through a demand forecast from the 28th to the 31st and conduct subscription over two days starting from the 7th of next month. The company proposed a public offering price range of 36,000 to 53,000 KRW, with a market capitalization of approximately 3 trillion to 4.5 trillion KRW.

It appears this decision was made amid the ongoing slump in the initial public offering (IPO) market, controversies over overvaluation of corporate value, and overlapping listings among Kakao affiliates.

However, Lionheart has left open the possibility of re-pursuing the listing. A company official said, "Withdrawing the submitted securities registration statement does not mean the listing plan itself has been canceled," adding, "Since the preliminary review approval for listing is still valid, there is sufficient time and capacity to reattempt in the future."

Meanwhile, Golfzon Commerce also decided to withdraw its listing on the same day, and several companies including Hyundai Engineering, SK Shieldus, and One Store have given up on entering the stock market this year due to poor demand forecast results.