Nexon IPO to raise $1.2 billion, largest in Japan during 2011
Goes live 14 December
Korean online and mobile games company Nexon has fixed the price of its Japanese IPO at $1.2 billion (¥91 billion).
This follows on from the firm's predictions in November, which were initially set at $1.3 million (¥100 million).
Despite admitting that it has had to settle for a slightly lower evaluation, its IPO is the largest in Japan during 2011. The offering was several times oversubscribed.
Share in the company will be sold at $16.68 (¥1,300) when it hits the Tokyo Stock exchange on December 14.
This values the company at $7.2 billion (¥560 billion), although it's only selling a fraction of its shares - hence the $1.2 billion listing.
It is thought that the recent cyber attack on its online game MapleStory may have been a cause of Nexon's lowering of the float price.
"There has been increasing caution among investors, which is why it did not come in at the top of the 1,200-1,400 yen range," said Takashi Matsumoto, a director at Okasan Securities.
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