When we last heard about Krafton’s potential for going public, the estimate for its initial public offering was a staggering $18 billion. That was two months ago, and now that we seem to be on the verge of the big event, that number might have been understated.

TheStar is reporting that Krafton’s IPO will take place next week and appears to be “at least US$5 billion.” The TERA and PlayerUnknown Battlegrounds developer will reach that number by selling 20% of its shares.

TheStar noted, however, that Krafton “would be valued at around US$25 billion based on its current plans, although the final size of the IPO could increase.” Even at just $5 billion, it would be the biggest IPO in South Korean history, beating out the $4.4 billion valuation of Samsung Life Insurance in 2010, though LG Energy Solution is apparently seeking an IPO in the $10 to $12 billion range.

It’s interesting to note that, like Roblox before it, Krafton is going public in the wake of the COVID-19 pandemic, which rocketed several game companies’ fortunes into the stratosphere. While it may have been bad for the world in general, it was great for video game developers, and some of the biggest are looking to cash in while they’re at their max value.

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