Nexon, founded in South Korea almost two decades ago, offers PC-based games for free, while charging users small fees for in-game virtual items such as clothing for avatars -- a so-called freemium model that analysts see as relatively recession-proof.
The global games industry has shrugged off the economic slowdown and should top $81 billion by 2016, according to research firm DFC Intelligence, up 23 percent from this year and more than three times the size of the recorded music industry.
Nexon, which sold more than 70 million shares, closed at 1,270 yen, below its IPO price of 1,300 yen. The broader market lost 0.4 percent, and local rivals Gree and DeNA fell 2.7 percent and 4.3 percent, respectively.
"Part of the problem is that they priced it at fair value, so it wasn't going to come on at a huge premium," said David Gibson, an analyst at Macquarie Capital Securities in Tokyo, also noting some Nexon shareholders were allowed to offload their holdings immediately.
Nexon, whose most successful offerings include role-playing adventure game MapleStory, where players band together to hunt monsters, and KartRider, has more than 77 million active monthly users, compared with Zynga's 260 million.For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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