South Korean mobile games publisher is set to raise $2.3 billion when it floats on the Korea Exchange in May 2017.

The firm is expected to go public on May 12th 2017 in what is South Korea’s second biggest ever IPO, just behind Samsung Life Insurance Co Ltd.

Reuters reports the firm has priced its IPO at the high-end range following the success of games such as Lineage 2 Revolution.

We recently spoke with the game’s director on how the publisher made the game, which brought in $176 million in its first month.

Netmarble sold 17 million shares, 20% of the company, for 157,000 won ($138).

The successful IPO values the company at around $11.7 billion, valuing it at more than rival Nexon, which currently has a market cap of around $6.8 billion on the Tokyo Stock Exchange.

M&A war chest

Netmarble aims to use much of the money raised to fuel an acquisition spree as it aims to become a top five games company across the world.

It’s already acquired the Kabam publishing label, including staff at various offices, the Vancouver studio and IPs Marvel Contest of Champions and Transformers Forged to Fight.

In December 2016, Netmarble Games Chief Global Officer Seungwon Lee told PocketGamer.biz to expect further M&A activity from the company in 2017.

“We are active in the space and open to new M&A opportunities in order to become a stronger contender in the global mobile gaming market,” he said.