Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24391" target="_blank" data-smartkarma-citation="entities:24391:1">Pearl Abyss Corp (263750 KS)</a> was founded in 2010 with the sole purpose of developing and publishing online games (mainly MMORPGs). Pearl Abyss is a typical example of pure play RPG company. But not only that, Pearl Abyss has only one RPG product in service. Yes, it has a very simple income generation structure. Since its foundation, it spent nearly 4 years on the development of the online RPG called "Black Desert". Finally in December 2014, the company released its first RPG product Black Desert, which then became and is still one of the most successful online RPGs around the world.<div class="content-highlight">For more details about Black Desert, I found an excellent summary at Wikipedia:<a href="https://en.wikipedia.org/wiki/Black_Desert_Online" target="_blank">https://en.wikipedia.org/wiki/Black_Desert_Online</a>Below is the company's introductory video clip about Black Desert. This video clip has English subtitles. I strongly recommend reading this clip. You can get a sense of why this particular RPG became such a huge hit. (Courtesy Pearl Abyss) <iframe src="//www.youtube.com/embed/PeIDlDtK_mA" width="640" height="360"></iframe></div>Black Desert was first released in South Korea in Dec 2014 through Kakao Games as a publisher. In Japan, it was released in May 2015 through GameOn. In Russia, it was released in Oct 2015 through Syncopate. In 2016, it was released in NA/Europe again through Kakao Games. In Jan this year, it was released in Taiwan but this time Pearl Abyss decided to publish Black Desert by itself. Most recently, Black Desert was released in South America through Redfox Games.<table class="table table-striped"><colgroup></colgroup><tbody><tr><td>Country</td><td>Release date</td><td>Publisher</td></tr><tr><td>South Korea</td><td>Dec 2014</td><td>Kakao Games</td></tr><tr><td>Japan</td><td>May 2015</td><td>GameOn</td></tr><tr><td>Russia</td><td>Jan 2015</td><td>Syncopate</td></tr><tr><td>North America/Europe</td><td>Mar 2016</td><td>Kakao Games</td></tr><tr><td>Taiwan</td><td>Jan 2017</td><td>Pearl Abyss Taiwan(Pearl Abyss subsidiary)</td></tr><tr><td>South America</td><td>June 2017</td><td>Redfox Games</td></tr><tr><td colspan="3">Source: DART</td></tr></tbody></table>Alright, I will talk more about Black Desert later. Let's now take a look at this IPO.

Pearl Abyss Corp (263750 KS) was founded in 2010 with the sole purpose of developing and publishing online games (mainly MMORPGs). Pearl Abyss is a typical example of pure play RPG company. But not only that, Pearl Abyss has only one RPG product in service. Yes, it has a very simple income generation structure. Since its foundation, it spent nearly 4 years on the development of the online RPG called "Black Desert". Finally in December 2014, the company released its first RPG product Black Desert, which then became and is still one of the most successful online RPGs around the world.For more details about Black Desert, I found an excellent summary at Wikipedia:https://en.wikipedia.org/wiki/Black_Desert_OnlineBelow is the company's introductory video clip about Black Desert. This video clip has English subtitles. I strongly recommend reading this clip. You can get a sense of why this particular RPG became such a huge hit. (Courtesy Pearl Abyss) Black Desert was first released in South Korea in Dec 2014 through Kakao Games as a publisher. In Japan, it was released in May 2015 through GameOn. In Russia, it was released in Oct 2015 through Syncopate. In 2016, it was released in NA/Europe again through Kakao Games. In Jan this year, it was released in Taiwan but this time Pearl Abyss decided to publish Black Desert by itself. Most recently, Black Desert was released in South America through Redfox Games.CountryRelease datePublisherSouth KoreaDec 2014Kakao GamesJapanMay 2015GameOnRussiaJan 2015SyncopateNorth America/EuropeMar 2016Kakao GamesTaiwanJan 2017Pearl Abyss Taiwan(Pearl Abyss subsidiary)South AmericaJune 2017Redfox GamesSource: DARTAlright, I will talk more about Black Desert later. Let's now take a look at this IPO.

Pearl Abyss IPO Part 1 - Schedule, Financials & Valuation

South Korea

Mgame Corporation provides multiple contents for internet games, entertainment and advertisement.  The Company offers Internet board games, casual games, action games, roll playing games, and musical games through its internet portal website.

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Mgame Corp (058630 KS)

Pearl Abyss IPO Part 1 - Schedule, Financials & Valuation

Pearl Abyss Corp (263750 KS) was founded in 2010 with the sole purpose of developing and publishing online games (mainly MMORPGs). Pearl Abyss is a...

Sanghyun Park

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