Business News
Gaming firm Nexon's shares fall on Tokyo market debut
Dec 14, 2011, 2:19 GMT
Tokyo - Stock in the online gaming firm Nexon Co slid Wednesday in its debut on the Tokyo Stock Exchange after the largest initial public offering of the year in Japan.
Stocks in the company, founded in Seoul and headquartered in Tokyo, opened at 1,307 yen (16.78 dollars), slightly more than its initial public offering price of 1,300 yen, but shortly before the midday break in trading, its shares had fallen 2 per cent to 1,274 yen amid general weakness in Japanese stocks.
Based on its initial public offering price, the company had a market capitalization of 550 billion yen.
The 17-year-old firm offers games free online and makes its money by charging gamers for virtual goods like weapons and costumes for their characters.
The developer of such games as Zombie Misfits and MapleStory has offices in South Korea, Japan, China, the United States and Luxembourg.
Read more about Nexon
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