Malaysian art studio behind The Last of Us, Spider-Man games plans IPO – sources

By Yantoultra Ngui

SINGAPORE (Reuters) – Lemon Sky Studios, the Malaysian art and animation company involved in videogames such as Square Enix’s “Final Fantasy XVI” and Marvel’s Spider-Man game titles, is planning to list on the local stock exchange as early as 2023-end or 2024, two sources said.


Reuters could not immediately ascertain the potential size of the initial public offering (IPO) and the current valuation of Selangor-based Lemon Sky, which is also known for its work on Naughty Dog’s The Last of Us Part I and II as well as Capcom’s “Street Fighter 6”.

Australia-listed game developer iCandy Interactive bought Lemon Sky for A$44.5 million ($30 million) in 2021.

Lemon Sky and iCandy did not immediately respond to requests seeking comment.

IPO proceeds from the listing will be used to expand Lemon Sky’s business further, the sources said, declining to be named as the matter is private.

Founded in 2006, Lemon Sky has grown to now employ over 500 artists and counts major global game titles such as Blizzard Entertainment’s “Diablo II: Resurrected” and “Warcraft 3: Reforged” among its portfolio, according to its website.

Its clients and partners include EA Entertainment, Microsoft Studios, Disney, Nickelodeon and Bandai Namco.

($1 = 1.4963 Australian dollars)

(Reporting by Yantoultra Ngui; Editing by Devika Syamnath)