(ATTN: CHANGES headline, lead, photo; UPDATES stock data in paras 2-7)
By Chung Joo-won
SEOUL, Aug. 10 (Yonhap) -- South Korean game developer Krafton Inc. closed lower than its initial public offering (IPO) price on Tuesday, although it emerged as the country's most-valued gaming label.
The developer behind the global hit "PlayerUnknown's Battlegrounds" (PUBG) closed at 454,500 won (US$394.95) on the main bourse, up 1.23 percent from its opening at 448,500 won.
The closing price, however, is lower than its IPO price, set at 498,000 won.
Krafton's market capitalization stood at some 20.2 trillion won, surpassing established gaming companies, such as NCSOFT and Netmarble.
NCSOFT's market value was at 17.89 trillion won and No. 2 Netmarble's at 11.56 trillion won.
The benchmark Korea Composite Stock Price Index (KOSPI) closed down 0.53 percent at 3,243.19 points.
Prior to its market debut, there was controversy that its IPO price was overrated.
The gaming label lowered its IPO pricing band to between 400,000 won and 498,000 won, from the previous 458,000 won-557,000 won range, as financial authorities requested revisions to its plan amid overvaluation concerns.
In its subscription period on Aug. 2-3, retail investors' deposits for the stock offering stood at a smaller-than-expected 5 trillion won, with an average subscription rate of 7.79:1, according to its IPO managers.
Launched in 2007, Krafton is looking to expand its video game portfolio with the launch of the new in-house mobile game "PUBG: New State" as early as September this year and the horror game "Callisto Protocol" next year.