(Reuters) - South Korean online-game developer Nexon Co will raise more than 100 billion yen ($1.28 billion) through its debut on the Tokyo Stock Exchange’s first section in mid-December, according to The Nikkei business daily.
This move by Nexon will constitute the biggest initial public offering (IPO) in Japan in 2011 and the largest entry since Otsuka Holdings Co (4578.T) pulled in around 160 billion yen ($2.05 billion) in December 2010, the Japanese daily said.
The company is proceeding with its listing application, which is expected to be approved this week, the paper added.
Nexon hopes to raise funds from investors around the globe simultaneously, with Nomura Securities Co, Morgan Stanley and Goldman Sachs Group acting as lead managers, Nikkei said.
Nexon, with an anticipated market capitalization of 600-700 billion yen ($7.69-$8.97 billion) after the IPO, would measure up to rival Gree Inc (3632.T), valued by investors at 649.2 billion yen ($8.32 billion) as of Monday, the business daily said. ($1 = 78.030 Japanese Yen)
Reporting by Sunayan Bhattacharjee in Bangalore