Japan-based online games develop Nexon, which was started in Korea and moved its headquarters to Tokyo, raised $1.2bn in its flotation.
Nexon sold 90 million shares at Y1300 each in Japan’s biggest initial public offering this year co-ordinated by investment banks Nomura, Morgan Stanley and Goldman Sachs.
After the offering, NXC, which is controlled by Nexon founder Jungju Kim, owned 59%, while its insitutitonal investors included internet conglomerate Softbank Ventures Korea and venture capital firms NE Partners and Insight Venture Partners. Nexon has in turn become a corporate venturer by buying 16.3% of JC Entertainment in October.