AAA Gumi bares plans for 2014 flotation

Gumi bares plans for 2014 flotation

Japan-based games provider Gumi is set to file for an initial public offering this year, Tech in Asia has reported, citing comments made by CEO Hironao Kunimitsu at the Startup Asia Singapore 2014 event yesterday.

Gumi raised about $25m in 2011 from private equity firm Nissei Capital, the corporate venturing unit for industrial product maker Nissei, Mitsubishi UFJ Capital, the investment arm of Mitsubishi UFJ Financial Group, games developer Tecmo Koei, DBJ Capital, Shinsei Bank and JAFCO, and followed that with a $19m round in December 2013 featuring FMH, B-Dash Ventures and East Ventures.

Founded in 2007, Gumi provides social games for smartphones, though its long term plans involve expanding first to gaming platforms outside of mobile gaming, and then to online entertainment in general.

The company has also formed a corporate venturing unit, Gumi Ventures, alongside mobile social company Gree, which is also one of Gumi’s shareholders.

Gumi’s last valuation was at about $160m, according to Tech in Asia, though an IPO could hypothetically value it at above $300m.

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