VC-backed Japanese gaming start-up files for Tokyo IPO

According to a regulatory filing, Gumi - which is scheduled to list on December 18 - has set its share price at JPY3,300. The company will issue a total of 11.9 million shares, comprising 10.4 million existing shares and 1.5 million new shares. 

The company - which counts World Innovation Lab (WiL), Incubate Fund, East Ventures DBJ Capital, Nissei Capital, B Dash Ventures, Shinsei Bank and Jafco Ventures, among its investors - was launched in June 2007 and develops social mobile social games.

So far the firm has raised around $94 million across numerous rounds, the largest and most recent investment being the JPY5 billion injected by WiL in July. Currently, Jafco is listed as its largest shareholder, followed by games giant Gree, Shinsei Bank, and mobile network operator NTT Docomo.

The business teamed up with Japanese-Korean messaging app start-up Line Corp. earlier this year, selling a small minority stake. Gumi already claims to control a large part of the rapidly-expanding Japanese mobile games market and with the backing of WiL, which has a base in Silicon Valley, it is hoping to break into the US.

The company has developed a range of successful social mobile games including gangster-themed role-playing game (RPG) Yakuza Wars and hit fantasy adventure game Brave Frontier. The business currently employs 800 people and has bases in South Korea, Singapore, China, France and the US.

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• Topics
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