Devsisters, the darling of Korean gaming over the last two years has listed its stock publically in what has been one of the most down played IPOs I am aware of. In fact, so down played that I wasn't aware of it until today. At the time of the IPO the company valuation was $627 million, ranking the it 32nd most valuable company in Korea. The IPO happened on October 6th.
Devsisters became a hit in Korea with their game Cookie Run, which garnered around 18 million users in the first year after release. It also proved a hit for investors, securing powerful revenue of around $20 million per quarter for five consecutive quarters after release. After a strong first year in Korea, Cookie Run was released globally on Line in January this year and was also a success. Currently Cookie Run is a top 10 app, for revenue, in 26 countries in the Apple Store.
This momentum propelled the Devsisters to achieve around $43 million in sales, $26 million in operating profit and $23 million in net profit in the first half of 2014. These figures represent 71%, 110% and 107% respective growth compared to 2013.
Around $25 million of the company's revenue came from domestic sales and $18 million from overseas, which represents 41% of the total and is impressive, given that the game was only released globally in January of this year.
The Devsisters reached 61.3 billion won in revenue, 24.1 billion won in operating profit and 22.3 billion won in net profit last year. They have exceeded their last year's operating profit and net profit in the first half of the year.
The company also enjoyed moderate success with Oven Break, released amost a decade ago.
Despite the impressive figures above, Devsister's stock has not yet performed well on the public markets. The company was not available for comment.
Data source for this article taken from whowired.com