Nexon IPO to raise $1.2 billion, largest in Japan during 2011

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.

HackStory

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.

[source: Bloomberg]