Kiwoom DRX files for historic IPO on Singapore exchange

Rituraj Halder Published July 25, 2026

South Korean esports organization Kiwoom DRX (KRX) has submitted a preliminary listing application for an initial public offering (IPO) on the Singapore Exchange (SGX).

If they are successful in getting approval, the parent company behind DRX will become the first South Korean esports organization to go public on a major stock exchange.

Can Kiwoom DRX go public?

According to a report from South Korean financial news outlet InvestChosun, the listing process is being managed by a local Singaporean financial institution with support from prominent South Korean brokerage firms. 

Results from the preliminary IPO review may be published as soon as mid-August 2026. After that, official corporate valuation metrics will be released.

While the numbers have not been officially disclosed, according to estimates, DRX’s corporate value is in the range of several hundred billion won, which is around 60-65 million in dollars. 

Driven mainly by majority shareholder ATU Partners, which acquired a controlling stake in 2019, the decision to choose Singapore over South Korea’s domestic KOSDAQ market comes from SGX’s favorable rep with fast-growing international companies. 

Other than that, listing in Singapore provides DRX with a strategic commercial hub to expand its media content footprint, sponsorship opportunities, and regional fan base across Southeast Asia.

From 2022 LoL Worlds champion to potential public listing

Founded originally in 2012, DRX operates prominent competitive rosters across multiple major titles, including League of Legends (LCK), VALORANT (VCT Pacific), PUBG Mobile, and Tekken. The organization’s claim to fame was in 2022 after they completed a historic underdog run to win the League of Legends World Championship.

Western esports orgs such as FaZe Clan faced financial contraction after their public listings, however, DRX is reportedly entering its IPO prep on stable financial footing: 

• Revenue: DRX generated approximately $8.6 million in revenue in 2025.
• Profitability milestones: The organization recorded its second consecutive break-even financial year, lifted by the complete repayment of its LCK franchise entrance fees and a major naming rights deal signed with Kiwoom Securities.
• Rebranding: Since early 2026, the organization has operated under the KRX tag across both LCK and VCT Pacific competitions.

If SGX grant approval following its review next month, DRX’s debut will surely make history for the Asian esports industry. 

Featured image source: DRX