South Korean esports organization DRX, known for its rosters in League of Legends, VALORANT, and Tekken, is working towards entering the Singapore stock market.
According to the South Korean financial publication Invest Chosun, DRX plans to file an application for a preliminary listing review with the Singapore Exchange in mid-August. Currently, the company is going through an earlier stage of review prior to the official submission of documents.
To organize the process, DRX has selected an undisclosed Singaporean financial firm to act as the lead underwriter. This firm will manage the stock sale and guide the company in accordance with listing requirements. The procedure is also being supported by South Korean financial institutions.
At this stage, the financial details of the upcoming IPO have not been disclosed. The exact valuation of the company, the amount of funds planned to be raised, and the number of new shares to be issued will be determined only after the completion of the preliminary review.
This is not DRX's first attempt to become a public company. In September 2022, the organization planned to list on the South Korean KOSDAQ exchange in 2024 (with Daishin Securities as the underwriter), which would have made it the first public esports company in the country. However, this plan was not realized, and the company has now shifted its focus to the Singapore market.
The current ownership structure and financial position of the organization are as follows:
DRX representatives have not yet provided official comments to the media regarding the preparations for the listing on the Singapore Exchange.
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