This will be South Korea’s 2nd largest ever IPO beating even Samsung BioLogics Co Ltd’s 2.25 trillion won IPO of 2016.
In what is stated to be South Korea’s second largest ever listing, mobile game manufacturer, Netmarble Games Corp has disclosed that is set to come out with a initial public offering (IPO) worth up to $2.35 billion.
In a regulatory filing, the Tencent-backed company stated that it has set an indicative price range of 121,000 won to 157,000 won per share, thus valuing the IPO at around 2.05 trillion won to 2.66 trillion won.
NetMarble Games has disclosed, it will be issuing nearly 16.95 million new shares for the IPO of which amount to 20% of its total shares upon listing. It will not be selling any existing shares through this IPO.
Through the IPO route, Netmarble aims to raise its ranking in key markets so as to be in the top-5 gaming companies in the world, said Bang Jun-hyuk, Netmarble’s founder.
In February this year, the company had acquired U.S. game developer Kabam’s Vancouver studio for an undisclosed sum.
Netmarble reported 1.5 trillion won in its consolidated revenue for the latest quarter as well as 284.7 billion won, up from 1.1 trillion won, as operating profit for 2016.
The company has disclosed that bookbuilding is scheduled to take place from April 11 to 20, after which pricing will be determined.