Nexon flotation will be Japan’s biggest this year

ONLINE gaming company Nexon yesterday announced a public offering expected to raise ¥91bn (£745.5m) when it joins the Tokyo Stock Exchange on 14 December.

After gauging interest from investors last week, the company settled at the mid-point of a speculative price range to sell shares at ¥1,300 each, in what is set to be Japan’s biggest IPO this year.

Nexon, which has a network of 1.14bn players worldwide, will put ¥14bn from the public offering towards paying off debt.

The company’s operating profit tripled to ¥30bn in 2010 while its sales increased more than 70 per cent to ¥70bn.

This announcement comes in the wake of Farmville creator Zynga’s decision to go public for an expected $1bn (£640m) and amid speculation of a $10bn Facebook flotation which would value the social networking company at more than $100bn.