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Netmarble Games seeks to raise up to 2.7 tln won via IPO

2017/03/20 17:17

SEOUL, March 20 (Yonhap) -- Netmarble Games, South Korea's top mobile game developer, said Monday it wants to raise as much as 2.66 trillion won (US$2.4 billion) in its initial public offering (IPO) expected in May.

In its IPO application to the country's financial watchdog, Netmarble Games said it wants to sell its 16.95 million shares at a price band of between 121,000 won and 157,000 won, which will put the largest online game publisher's market capitalization at 13.5 trillion won, should the IPO price be set at the upper price range.

The IPO price will be finalized in mid-April after receiving prescriptions from institutional investors, it added.

Netmarble Games, established in 2000, has been producing and providing some of the most successful mobile and online games, including MARVEL Future Fight, Seven Knights, EvilBane (RAVEN in Korea and Japan) and Everybody's Marble.

Netmarble posted 1.5 trillion won in sales last year, and logged an operating income of 295.4 billion won.

Netmarble may become South Korea's No. 1 game company this year in terms of revenue by beating top game publisher Nexon Co., which posted sales of 1.9 trillion won last year.

Once successfully listed on the main bourse, the company will also relegate NCsoft Corp., which is currently valued at 6.4 trillion won on the main bourse, to the second-most valuable game publisher.

In December last year, Netmarble took over Kabam's Vancouver studio in a deal estimated around $700-800 million, in a bid to expand its presence in the North American market.

The deal with California-headquartered Kabam, a world leader in massively multi-player free-to-play games for mobile devices, is expected to close during the first quarter of 2017.

The Kabam's Vancouver unit is responsible for the globally popular MARVEL Contest of Champions which has grossed over $450 million since launching in December 2014.