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Nexon Stock Declines During IPO First Day , Bad News for Zynga?

Date: Dec 14 2011 02:53:50 Source: GAMASUTRA Views:
KeyWord: Nexon IPO, Nexon, Zynga, Zynga IPO, Nexon Stock Declines, Nexon Initial Public Offering. Initial Public Offering

Nexon has already seen its stock price decline after its first day of publicly trading in Tokyo. When the company went public on Tuesday, its stock was priced at 1,307 yen--by day's end it dropped 2.3 percent to 1,270 yen.

By MIke Rose From GAMASUTRA

Nexon IPO

Online game publisher Nexon listed its initial public offering, and is looking to use the money raised to make a number of new acquisitions.

However, during its first listed day, the MapleStory publisher saw its stock price fall more than the benchmark Topix index decline for the day. According to business news website Bloomberg, Nexon raised $1.17 billion in its initial share sale, as set by the company earlier this month, making it the second-largest technology IPO worldwide this year.

Nexon's chief financial officer Owen Mahoney said of the company's future plans, "We want to have currency and cash on hand to be able to move aggressively if and when opportunities come up. We like to buy teams and properties early in their life."

Yet while the IPO opened with shares at ¥1,300 ($16.68) each on the Tokyo Stock Exchange, that price had fallen to ¥1,249 ($16.02) by the end of the day, with a 3.9 percent drop compared to the 0.5 percent drop in the benchmark Topix index.

Social games giant Zynga is also set to list its initial public offering this week, and is looking to raise between $850 million and $1 billion as part of the IPO, with a $5.9 billion to $6.99 billion valuation.

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