Kakao Games to debut on Kosdaq on Thursday

Kakao Games CEO Namkoong Whon speaks at an online briefing with reporters on Aug. 26. (Kakao Games)

Kakao Games, the game developing unit of South Korean mobile giant Kakao, will debut on the tech-heavy Kosdaq market Thursday, the Korea Exchange said Tuesday.

The company's public offering price is 24,000 won per share. It logged record-breaking IPO subscription early this month, far outperforming SK Biopharmacueticals, which went public in July.

Subscription deposits for Kakao Games shares were estimated at 58.55 trillion won ($49.4 billion), almost double the 30.99 trillion won deposited for SK Biopharmaceuticals' IPO.

Last year, Kakao Games posted an operating profit of 35 billion won on sales of 391 billion won. In the first half of this year, its operating profit came to 28.7 billion won, up 63.7 percent from a year earlier. (Yonhap)