South Korean esports organization DRX is reportedly preparing to seek a listing on the Singapore Exchange, reviving its public-market ambitions four years after appointing an underwriter for an unsuccessful domestic IPO effort.
DRX plans to submit an application for a preliminary listing review to the Singapore Exchange in mid-August, according to a July 23 report from Korean financial publication Invest Chosun. The organization is currently engaged in pre-submission consultations with SGX and has selected a Singapore financial institution to lead the process, the publication reported, citing investment-banking industry sources.
DRX has not publicly confirmed the listing plan. As of July 29, The Esports Advocate could not locate a DRX prospectus, offer document or issuer announcement through SGX’s public announcements database or the Monetary Authority of Singapore’s OPERA prospectus portal.
That does not necessarily contradict Invest Chosun’s reporting. Under SGX’s Mainboard listing framework, prospective applicants may consult the exchange before submitting a formal listing application. A prospectus would ordinarily be lodged later in the process, after SGX has reviewed an application and determined whether to issue an eligibility-to-list letter.
The distinction is particularly important because Invest Chosun’s summary suggests that DRX recently submitted its preliminary application, while the body of the article says the application is expected in mid-August. The latter account is more detailed and is consistent with DRX still being in pre-submission consultations.
If completed, the transaction would make DRX the first South Korean esports organization to list on a public exchange, according to Invest Chosun. The publication said a valuation has not been finalized, although market participants have discussed figures in the hundreds of billions of won.
The targeted SGX market, proposed offering size, use of proceeds and expected post-listing ownership structure remain undisclosed.
DRX’s Second IPO Attempt
The Singapore process would mark DRX’s second known attempt to enter the public markets.
In September 2022, DRX announced that it had appointed Daishin Securities as lead manager for a proposed KOSDAQ IPO targeted for 2024. The organization said at the time that it intended to become South Korea’s first publicly traded esports company.
That timetable passed without a listing, and DRX has not publicly provided a detailed explanation for the outcome.
A Seven-Year Private-Equity Investment
The renewed listing effort is particularly notable because DRX has been controlled by private-equity firm ATU Partners since 2019.
ATU acquired the organization, then known as DragonX, through the ATU Esports Growth Fund. The firm’s current corporate history describes the vehicle as a ₩20.2 billion ($14 million) esports-dedicated fund and identifies the DRX transaction as a buyout acquisition.
The fund was initially reported as having approximately $17 million in capital. Its limited partners included Kakao Games, CJ E&M, Woori Technology Investment, and SB Partners, according to a December 2019 article by The Esports Observer that is no longer available online.
That article was based in part on an interview conducted by this article’s author, Tobias Seck, with ATU founder and CEO Jamie Jungmoo Park shortly after the acquisition.
Back then, Park said expected franchising in the League of Legends Champions Korea was one reason ATU sought to acquire an established Korean team. Riot Games subsequently introduced a franchise model for the LCK beginning with the 2021 season.
Park also said DragonX selected ATU despite receiving higher offers from other prospective buyers because the two parties shared a vision for the organization and believed ATU could contribute relevant esports relationships and resources.
ATU’s stated ambitions at the time included expanding DragonX beyond South Korea and using its portfolio to bridge Asian and North American esports markets. The fund had also acquired California-based esports talent agency AZYT before its public launch.
The reported SGX plan should not be treated as the direct execution of those earlier expansion plans. ATU’s 2019 strategy emphasized China and the United States, while Invest Chosun linked the proposed Singapore listing to DRX’s more recent push into Southeast Asia.
Nevertheless, the earlier reporting shows that international expansion and building the organization’s value beyond its domestic competitive operations were part of ATU’s investment thesis from the outset.
DRX has since brought in additional strategic investors. As previously reported by The Esports Advocate, South Korean game developer Wemade made an undisclosed investment in the organization following DRX’s 2022 League of Legends World Championship victory.
A public listing could provide DRX with additional growth capital while creating a potential liquidity route for ATU and the organization’s other investors. However, neither the Invest Chosun report nor any public disclosure indicates whether the proposed transaction would involve newly issued shares, sales by existing shareholders or a combination of both.
Southeast Asia Growth Story
Invest Chosun linked the choice of Singapore to DRX’s effort to expand its sponsorship and content operations across Southeast Asia.
That strategy has already become more visible. DRX held its first overseas LCK team roadshow in Hanoi in May, staging the three-day Kiwoom DRX Homefront event at the Vietnam Exhibition Center.
DRX reported that approximately 12,000 spectators attended the event, which featured recreations of LCK matches, fan activities and entertainment programming. The organization has positioned Vietnam as an important market for its broader regional expansion.
DRX also entered a naming-rights relationship with Korean brokerage Kiwoom Securities this year and currently competes under the Kiwoom DRX name.
The organization has continued building its commercial portfolio through agreements including a two-year hardware partnership with ASUS Republic of Gamers, reported by TEA in January.
