Japanese mobile game company Gumi files for IPO

Newsbrief: A week after Japanese mobile game company Gumi launched a new studio in Canada, the company is preparing to go public on the Tokyo Stock Exchange. According to documents spotted by Tech In Asia, Gumi has filed for an IPO, and will begin trading on December 18, with a share price of 3,300 yen ($28.43), and a market cap of up to $890 million. Gumi is currently doing rather well financially, having most recently doubled its revenue year-over-year to $96.2 million. The company is currently making losses, but is said to be on an upward trend, having reduced its losses by 90 percent year-over-year.