Netmarble to apply for IPO review on Sept. 30

[THE INVESTOR]  South Korea’s No. 1 mobile game developer Netmarble Games said on Sept. 26 it will apply for a regulatory review on Sept. 30 before its planned stock debut on the main bourse KOSPI in the coming months.

When the company passes the review session that usually takes 45 days, industry watchers predict, its initial public offering could be made in January next year. The market value is priced at about 10 trillion won (US$9 billion). 

The company has long gauged a stock debut in Korea or the US as part of its push for global expansion.

A NASDAQ debut could help it elevate its presence in overseas markets but there was risk of being undervalued as compared to KOSPI.

With the newly secured cash, the company said it will continue seeking acquisitions while expanding its presence overseas.

The company’s operating profit more than doubled last year to 225.3 billion won compared to a year ago, while its sales also soared 86 percent to 1.07 trillion won.

Its overseas sales now make up 58 percent of its total revenue.

NH Investment and Securities and JP Morgan are the key financial advisors.

By Lee Ji-yoon (jylee@heraldcorp.com">jylee@heraldcorp.com)