DRX, the first Korean club to go public? The ambition is nothing new — the club already tried it in 2022, before backing away over profitability concerns. This time it is betting on Singapore and the South-East Asian market rather than Korea's KOSDAQ.
Korean club DRX, a historic League of Legends franchise and multi-game organisation, is preparing to file a preliminary review application with the Singapore Exchange (SGX) in mid-August, according to Korean banking sources. If it goes through, DRX would become the first Korean esports club listed on a stock market.
A second attempt, after a failure nobody talked about
DRX had already had a go in 2022. In September that year, the club signed with Daishin Securities as lead manager for a KOSDAQ listing targeted at 2024.
The plan stalled, however, and the attempt was abandoned over doubts about the club's profitability: revenue at the time stood at just $1.15M, against an operating loss of $4.34M.
What has changed since
DRX's financial picture has improved markedly. The club crossed the break-even threshold, as we previously reported. An unprecedented operational turnaround. Revenue has grown to $8.6M, the operating result is positive, and the net result — symbolic at $6,680 — marks the club's durable return to balance.
Why Singapore rather than Seoul
Picking the SGX over a return to the KOSDAQ is no accident. It would reflect an explicit South-East Asian growth strategy: DRX held its first overseas LCK roadshow there this year, in Hanoi, where the local reception was reportedly especially strong.
