Nexon raises $1.17 billion from IPO, stock subsequently drops

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Korean online gaming giant Nexon has raised $1.17 billion from its initial public stock offering. The filing stated that Nexon has 1.2 billion registered players, 77 million of which were active as recently as September 2011. CFO Owen Mahoney says the company's expertise made it an attractive proposition for new shareholders. "We can really bring a lot to the table. We know how to tune a game so that people will play it for months on end," he explained.

Nexon's IPO was the largest on the Tokyo Stock Exchange this year, and as a result the company is now valued somewhere between $7.69 billion and $8.97 billion according to GamesIndustry.biz.

Even so, Nexon's stock price slipped by 3.9 percent on its first day of trading.
This article was originally published on Massively.