South Korean mobile giant Netmarble has raised $2.3 billion through its IPO, falling just short of the $2.4 billion it predicted earlier this year.
Still, it’s hard to imagine company execs will be too disappointed with the share sale, which is the second biggest on record in Netmarble’s home country.
As reported by Reuters, the company sold 17 million shares – which roughly equates to a 20 percent stake – for 157,000 won ($138) each. Overall, the IPO saw Netmarble valued at 13.3 trillion won ($11.7 billion).
According to analysts, Netmarble’s roster of hit mobile titles, including big earner Lineage II: Revolution, is what drew investors in.
“The company not only has just released a mega-hit game the likes of which has never been seen in South Korea, but it is seen to have a strong lineup of games coming soon in the mobile sector,” said Shinyoung Securities analyst Jang Won-yeol. “The amount of shares offered was almost nonexistent compared to demand.”
As for what Netmarble plans to do next, the company seems to be eyeing up more acquisitons, and could spend up to $4.4 billion on big name deals in the weeks and months ahead.