Lead manager JPMorgan completed a $97 million ADR for Webzen yesterday Tuesday, the first ADR IPO from Korea in three years. The deal topped a spectacular year for the company, which has seen its share price skyrocket 450% since listing on the Kosdaq in May 2003.
Having established itself domestically, the next natural step for the company was the development of an international investor base and sourcing funds for future acquisitions. At the moment it is reliant on just one product - Mu a three-dimensional massively multiplayer online role-playing game MMORPG.
Its 8.7 million unit ADR offering has achieved both of these aims and increased foreign holdings in...
