Netmarble, the world’s third-biggest maker of mobile games, looks to have gained an early power-up and is rising solidly in its stock market debut in Seoul.
Netmarble last month raised Won2.66tn ($2.3bn) in its initial public offering, securing a price for 17m new shares of Won157,000 apiece, right at the top of its intended price range.
Shares were up 7.3 per cent in early trade in Seoul, and had gained by as much as 9.2 per cent. The benchmark Kospi was down 0.1 per cent.
The IPO comes amid solid market sentiment in Korea, with the Kospi closing at a record high yesterday.
Netmarble, which is 22 per cent owned by Chinese internet group Tencent, makes games such as Seven Knights, Everybody’s Marble and Marvel Future Fight and had flagged using proceeds from the IPO to help fund an aggressive global expansion.