Nexon seeks $1.3 billion at Tokyo IPO

Tech Crunch states.

The company aims to raise a total of yen100 billion ($1.3 billion), which would be the biggest initial public offering (IPO) in Japan this year. Nomura Securities, Morgan Stanley and Goldman Sachs will manage the offering, with Nexon expecting to be approved for the listing soon.

Financial Times says Nexon, which developed the KartRider and Maple Story online games, wants to list in Japan because of the country's large gaming industry, and its plans come amid a surge in interest globally for online games.

The online gaming market will account for 15% of the $144 billion global gaming market next year, according to research by Daewoo Securities, in Seoul.

The fast-growing online videogame company is planning to start order taking during a road show of its IPO, The Wall Street Journal notes.

Nexon, founded in Korea in 1994, began offering free online games that made money through the sale of items, such as uniforms, that let players customise their game avatars or powerful weapons.