Nexon poised for $1.3 billion IPO
South Korean firm set to list on the Tokyo Stock Exchange next month
The South Korean online gaming company Nexon is planning its initial public offering on the Tokyo Stock Exchange next month.
According to Japanese business paper The Nikkei, reported by TechCrunch, Nexon is targeting a valuation of ¥100 billion ($1.3b/£800m).
If accurate, that would make Nexon the most valuable IPO in Japan this year. It will be handled by Nomura Securities, Morgan Stanley and Goldman Sachs, with Nexon expected to be approved for the listing by the end of the week.
Speaking to GamesIndustry.biz in March this year, Daniel Kim, CEO of Nexon America, cast doubt on the high valuations of social game companies.
"We know some companies are very profitable and doing well. Others may not be up to their valuation. Time will tell," he said.
"Especially on the social side, it's a newly emerging market and people haven't quite figured it out. There's a little bit of hype going on.