Krafton, the video game holding company that owns PlayerUnknown's Battlegrounds, has applied for preliminary approval for an initial public offering (IPO) that could deliver a multi-billion dollar valuation.

As highlighted by the Economic Times, the Korea Exchange -- which is the sole securities exchange operator in South Korea -- shared news of Krafton's application earlier this week.

This isn't the first time we've heard rumblings of a mammoth IPO for the PUBG parent company. Back in January, Bloomberg reported the South Korean firm was looking to go public in a move that could value it at as much as $27.2 billion. 

That figure has been downsized in the latest round of reports, and now it's suggested the company would be valued at around $17.92 billion.