South Korean game-maker Krafton Inc. saw its shares plunge by double digits on Tuesday trading after its $3.8-billion market debut, Bloomberg reported.

  • Krafton shares slipped as much as 20% on trading before paring losses and closing down 8.8%. This made the company the first on the Korea Composite Stock Price Index mainboard to fall on its debut so far this year.
  • Analysts believe the size of the float was too big, as the offering was South Korea’s biggest in over a decade. It was also 1.5 times bigger than the country’s first internet-only lender KakaoBank Corp. which debuted Friday.
  • Krafton closed Tuesday with a 22-trillion-won valuation or $19.3 billion, with Founder Chang Byung-gyu’s 14% stake valued at 3.5 trillion won based on the IPO price.

Krafton developed PUBG, which has sold over 75 million copies in PC and console versions as of March, and its mobile version is the top downloaded game in over 150 countries.