Nexon details highly-anticipated Tokyo listing

7 years ago by in Around the world

In a filing with the Tokyo Stock Exchange, Korean online gaming company Nexon gave several details about its initial public offering (IPO), set to become the largest at the All Japan newsese exchange this year.

Nexon said it would price its shares at 1,300 yen each, a value which would allow the company to raise about 91.1 billion yen ($1.17 billion). It would make for the largest IPO since the pharmaceutical company Otsuka Holdings raised 160 billion yen in December 2010.

Nexon is offering about 70 million shares and its underwriter, Nomura Securities, has an option to sell another 5.3 million shares, if demand exists.

The current evaluation would set Nexon’s market value at about $7.2 billion.

Nexon is expected to debut on the Tokyo Stock Exchange on December 14.

The company was founded in South Korea in 1994 and currently has about 3,000 employees. It recently moved its headquarters to Tokyo and also has offices in Korea, United States and Europe.

Nexon is developing free online gaming platforms where users have to pay real money to buy virtual goods like clothes and tools for their avatars.