2 January 2024
Under the Radar: Animation studio Winking Studios on its IPO on SGX Catalist board and future growth plans
We’re going to kickstart the year by bringing you an inside look into the final company that was listed on the Singapore Exchange in 2023.
If you’ve guessed Winking Studios - you’re right! Established in 2003, Winking Studios is a game-art outsourcing studio majority owned by Acer Gaming.
Game art outsourcing, for context, involves the creation and development of digital art assets such as game character design and 3D.
Headquartered in Singapore, Winking Studios currently has seven studios across Nanjing, Shanghai and Taipei with a staff count of over 700 people. It has also expanded its suite of offerings to look at game development and the release of gaming peripherals.
The firm said it is Asia’s third-largest and the world’s fourth-largest game art outsourcing studio, with 19 of the world’s 25 largest game developers being its customers.
Back to the point on listing, Winking Studios is the sixth to list on the SGX in 2023 in a fully subscribed IPO. The company said prior to its listing that it intends to use its proceeds to establish overseas subsidiaries and offices in Asia.
It wants to double down on business development and marketing efforts in the US and Europe, as well as pursue strategic acquisitions to grow its market share.
But why is the firm expanding its sphere of influence lately and what opportunities does it see in the art outsourcing market in the near term?
On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Johnny Jan, Executive Chairman and Chief Executive Officer, Winking Studios.

Download this podcast.