Korean Online Gaming Giant Nexon To Raise $1.3 Billion With IPO In Japan

Korean online gaming powerhouse Nexon is seeking to list on the Tokyo Stock Exchange next month, Japanese business daily The Nikkei is reporting today. According to the paper, the company aims to raise a total of 100 billion yen (US$1.3 billion), which would be the biggest IPO in Japan this year.

Nomura Securities, Morgan Stanley and Goldman Sachs will manage the offering, with Nexon expecting to be approved for the listing later this week. The Nikkei says that the Korean company, which moved its HQ to Tokyo earlier this year, is hoping to reach a market cap of 600 to 700 billion yen (US$ 7.7 to 9 billion).

The two biggest (listed) domestic online/social gaming companies in Japan are GREE and DeNA, boasting market caps of US$8.3 billion and US$5.4 billion, respectively.

Nexon was founded in Seoul in 1994 and currently employs over 3,000 employees across its offices in the US, Korea, Japan, and Europe. The company’s most famous games include MapleStory, Kart Rider, or Mabinogi. Nexon also has the bragging rights for The Kingdom of the Winds, the world’s first graphic MMORPG, from 1995.

You can read more about the company in Sarah Lacy’s post from July.