Nexon Co., a major online game company from South Korea, debuted Wednesday on the Tokyo Stock Exchange's first section, marking this year's biggest foray into Japan's stock market in value.
The stock fetched ¥1,307 at the opening of trade, just higher than its initial public offering price of ¥1,300. With around 425 million outstanding shares, the IPO price puts the value of the company at some ¥550 billion.
Nexon started its business in South Korea and has stretched into Japan, the United States and China. With around 3,200 employees as of Sept. 30, the company is projecting consolidated revenue of ¥85.2 billion in the year ending in December, up 22.1 percent from a year earlier.
Nexon raised around ¥90 billion by issuing new shares on the listing. The fund is expected to be spent on online gaming R&D.