Private equity (PE) firm Premier Partners has acquired a 15% stake in Facebook Instant Games developer Supergene for 22.5 billion won ($19.5 million).

Kakao Investment owns about a 5% stake in Supergene through its seed investment.

Supergene is a digital publisher of video games and viral social media content which develops and provides games to Facebook’s Instance Games platform. The company generates revenue from global markets, including the US and the Middle East.

Founded in 2017, Supergene is growing rapidly and has been valued at 150 billion won in just three years after its establishment. It recorded revenue of approximately 19 billion won last year and revenue in the first six months of this year is roughly similar to the last year’s level, according to the company.

The company has strong cash generating capability, with its operating margin being as high as 90%. It is reportedly the number one company among developers of the Facebook Instant Games platform, with a market share of approximately 20%.

Based in the Philippines, Supergene is a wholly-owned subsidiary of its Korean parent company. Supergene plans to list its shares to the KOSDAQ market, with the firm expected to start preparing for its initial public offering process next year. (Reporting by Hye-ran Kim)