Chang Byung-gyu, founder of Krafton.
Jean Chung/Bloomberg
Chang Byung-gyu, the founder of South Korean online game developer Krafton, saw his net worth more than triple to $2.9 billion as his company made its stock market debut on Tuesday.
Krafton’s stock closed at 454,000 won ($395) a share on the Korea Exchange, down from its initial public offering price of 498,000 won. Last month, Krafton had cut its targeted IPO price by nearly a quarter after Korea’s financial regulator asked the company to revise its prospectus, following concerns that its valuation was too high. Recent fears of a regulatory clampdown on online gaming in China, a major market for Krafton, did not help trading enthusiasm.
Despite the slump, the company behind the hit game PlayerUnknown’s Battlegrounds (PUBG) has a market capitalization of 22.2 trillion won ($19.3 billion), based on Tuesday’s stock price, more than any other Korea-listed game developer. NCSoft has a market capitalization…