The South Korean organization DRX, best known in
League of Legends for winning the 2022 Worlds, is preparing for an initial public offering (IPO) on the Singapore Exchange (SGX). According to
Invest Chosun, the organization is expected to submit its preliminary listing application to the Singaporean exchange in mid-August, following a preparation phase carried out with a local investment bank and the support of Korean brokerage firms.
The results of the review process are expected as early as next month, while the company's valuation has reportedly not yet been finalized. Market estimates currently place it at several hundred billion won, potentially amounting to a few hundred million US dollars.
A first for South Korea
If successful, DRX would become the first Korean esports organization, and more broadly the country's first professional sports club, to be publicly listed. Founded in 2012, DRX currently fields teams in League of Legends, VALORANT, PUBG Mobile, and Tekken, with several of those rosters currently competing in Paris at the Esports World Cup 2026.
According to
Invest Chosun, the decision to list in Singapore is driven by investment fund ATU Partners, the organization's majority shareholder since 2019, which aims to benefit from the city-state's strategy of attracting fast-growing foreign companies. The move would also support DRX's efforts to expand its sponsorship portfolio and content business across Southeast Asia, where Korean esports continues to grow in popularity. Earlier this year, DRX also held its first overseas
LCK roadshow in Hanoi, Vietnam, while the LCK itself hosted the playoffs of its first split in Hong Kong.
Financially, according to a report by
RFT.GG, DRX posted $8.6 million in revenue in 2025 and recorded its second consecutive break-even year, supported in part by the full repayment of its LCK franchise fees and the naming rights partnership signed with Kiwoom Securities in March 2025. Since the start of the 2026 season, DRX has also competed under the KRX name in both the LCK and the VCT Pacific. The company's accumulated deficit, however, is approaching $20 million, despite having raised roughly $31 million since its founding.
Invest Chosun, meanwhile, reports consolidated revenue of KRW 34.2 billion, or approximately $23 million, for 2025.
Previous examples call for caution
Western esports has already seen several unsuccessful stock market listings. FaZe Clan, which went public on the Nasdaq in 2022 through a SPAC at a $725 million valuation, saw its share price fall from $24.69 to $0.75 in just six months before being acquired by media and technology company GameSquare in an all-stock transaction at the end of 2023, ending its run as an independent publicly traded company.
Guild Esports, the first esports organization to list on the London Stock Exchange in 2020, with David Beckham notably involved as a shareholder, lost more than 90% of its value before being delisted in 2024 and ultimately shutting down in August 2025.
NIP Group, which now operates primarily in China after its long history in Sweden, went public on the Nasdaq in 2024 at $9 per share. Despite continued revenue growth, its stock now trades below $1 after the company reported losses of $237.5 million in 2025.
