South Korean Esports Organization DRX Eyeing Listing on Singapore Exchange
Reports suggest that South Korean esports organization DRX is gearing up to seek a listing on the Singapore Exchange, marking a renewed push into the public markets after an unsuccessful domestic IPO attempt four years ago.
According to a July 23 report from Korean financial publication Invest Chosun, DRX is in the process of preparing an application for a preliminary listing review with the Singapore Exchange. The organization is currently in discussions with SGX and has chosen a Singapore financial institution to lead the listing process, as per industry sources.
While DRX has not officially confirmed the listing plan, as of July 29, there is no public record of a DRX prospectus, offer document, or issuer announcement on SGX’s public announcements database or the Monetary Authority of Singapore’s OPERA prospectus portal.
Invest Chosun’s report indicates that DRX has submitted a preliminary application, but further details in the article suggest that the formal application is expected to be lodged in mid-August. This discrepancy highlights that DRX is still in the pre-submission consultation phase with the Singapore Exchange.
If the listing goes through, DRX would become the first South Korean esports organization to be publicly listed, with a potential valuation in the hundreds of billions of won, although the exact figures have not been finalized.
Details such as the targeted SGX market, offering size, use of proceeds, and post-listing ownership structure have not been disclosed at this time.
DRX’s Past IPO Attempt and Private Equity Investment
This move towards a Singapore listing represents DRX’s second known effort to enter the public markets. In 2022, the organization appointed Daishin Securities as lead manager for a proposed KOSDAQ IPO targeted for 2024, with ambitions of becoming South Korea’s first publicly traded esports company. However, the listing did not materialize as planned, and DRX has not provided a detailed explanation for the outcome.
Notably, DRX has been under the ownership of private-equity firm ATU Partners since 2019. ATU acquired the organization, then known as DragonX, through the ATU Esports Growth Fund, a dedicated esports fund valued at ₩20.2 billion ($14 million). The fund’s limited partners included Kakao Games, CJ E&M, Woori Technology Investment, and SB Partners.
The renewed focus on a public listing aligns with DRX’s efforts to expand into Southeast Asia, particularly in sponsorship and content operations. The organization has been actively engaging with the Vietnamese market, holding events and forming partnerships to bolster its presence in the region.
DRX’s recent collaborations with companies like Kiwoom Securities and ASUS Republic of Gamers demonstrate its commitment to building a strong commercial portfolio and expanding its reach beyond South Korea.