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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Tencent Holdings Ltd    0700   KYG875721634

End-of-day quote. End-of-day quote  - 03/27
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Tencent : Netmarble Looks Set to Score South Korea's Biggest IPO Since 2010

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03/20/2017 | 06:26am CEST
By Timothy W. Martin 

SEOUL--South Korea's largest mobile-gaming company wants to raise up to 2.7 trillion won ($2.4 billion) in a late-April initial public offering, in what would be the country's biggest stock debut since 2010.

In a securities filing Monday, Netmarble Games Corp., which specializes in smartphone games targeting casual players, said it plans to sell 17 million shares valued at 121,000 won to 157,000 won ($107 to $139) a share. At the high end, Netmarble's valuation would be more than 13 trillion won. Final pricing is scheduled for April 24.

The South Korean firm has a big-name backer: Tencent Holdings Ltd., the world's largest videogame publisher by revenue, which owns 22% of Netmarble through an investment fund.

The IPO's lead managers are NH Investment & Securities Co. and J.P. Morgan Chase & Co., according to the filing, with Korea Investment & Securities Co. and Citigroup Inc. serving as managers.

Netmarble, which has developed or produced hits such as "Lineage 2 Revolution" and games involving Marvel and Star Wars characters, said its revenue was 1.5 trillion won in 2016, having grown more than fivefold in two years, according to the filing. Lineage 2, a multiplayer online role-playing game, could be the first South Korean game to surpass $1 billion in revenue, according to industry analysts. Netmarble says it is Asia's fastest-growing mobile-game company.

The Seoul-based firm said the roughly 2 trillion won it raises will go toward paying down existing debt, plus seeding future transactions or investments, according to the filing. Netmarble, like Tencent, has used overseas acquisitions to fuel growth, closing a deal last month for Kabam's Vancouver studio.

South Korea historically has been a subdued IPO market, but it has experienced an uptick in recent years as the country's family-run conglomerates shed off certain divisions. A Netmarble IPO could be the largest since Samsung Life Insurance raised 4.9 trillion won in 2010.

Netmarble says it was established in 2000 and has more than 3,500 employees.

Write to Timothy W. Martin at timothy.martin@wsj.com

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Financials ( CNY)
Sales 2017 209 433 M
EBIT 2017 68 439 M
Net income 2017 55 191 M
Finance 2017 57 505 M
Yield 2017 0,31%
P/E ratio 2017 34,03
P/E ratio 2018 26,62
EV / Sales 2017 8,74x
EV / Sales 2018 6,68x
Capitalization 1 887 580 M
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Number of Analysts 30
Average target price 223  CNY
Spread / Average Target 12%
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Managers
NameTitle
Hua Teng Ma Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Zhi Dong Zhang Chief Technology Officer
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