Yeah, this is old news. Gree, one of Japan’s largest social networks (at least in the mobile arena, No. 2 or 3 depending on who you ask) is headed for an IPO. The timing couldn’t be worse with the sub-prime global meltdown, especially considering all the paperwork and red tape involved and all the restrictions following the IPO, but there you have it.
GREE was actually the first social networking service in Japan but were surpassed by Mixi relatively quickly and haven’t regained momentum until recently (by bolstering their mobile offerings). They currently have 7 million users (as of October 19, 2008) with gross revenues of around $29 million. Another interesting note is that the founder Tanaka Yoshikazu still holds a 62.4% stake in the company. I wonder what their market cap will be after the dust settles. I think speculators are going to jump on this due to a lack of any clearly exciting IPOs with the meltdown and their astounding growth of recent years.