South Korean mobile games developer Netmarble Games Corp. is going public as the company filed paperwork to raise 2.7 trillion won ($2.4 billion) in an initial public offering of shares.

The company said it’s looking to sell 17 million shares at 121,000 won ($107.97) to 157,000 won ($140.08) each with a final float price to be announced April 24. At the high valuation, the IPO would value the company at around 13.3 trillion won ($11.9 billion).

When it goes ahead, Netmarble’s IPO will be the second-largest in South Korean history, beating Samsung BioLogics Co. Ltd.’s 2.25 trillion won ($2 billion) IPO last year and just behind the 4.9 trillion won ($4.3 billion) IPO of Samsung Life Insurance in 2010, according to Reuters.

NH Investment & Securities Co. and JPMorgan Chase & Co. are the lead management firms for the IPO, with Korea Investment and Securities Co. and Citigroup Inc. participating.

Unlike many modern IPOs, the company is profitable, showing 1.5 trillion won ($1.38 billion) in consolidated revenue and 284.7 billion won ($254 million) in operating profit in 2016, up from 1.1 trillion won ($981 million) in revenue and 225.3 billion won ($201 million) in operating profit in 2015.

Founded in 2000, Netmarble is South Korea’s largest mobile-gaming company as well as the ninth largest globally. It has produced hit mobile games including MARVEL Future Fight, Seven Knights, Raven (Evilbane) and Everybody’s Marble.

A mobile game by the name of Lineage2: Revolution that is described as a medieval fantasy massively multiplayer online role-playing game, is available on iOS, Android and well as Microsoft Windows and MacOS. It has been a massive hit for the company, making $176 million in its first month in South Korea alone, with the company aiming to launch the game in Western markets in the near future.

It’s not clear coming into the IPO how much Netmarble has previously raised. But founder Jun-hyuk Bang, who owns a 30.6 percent stake in Netmarble, invested an initial 100 million won of capital ($89,000) to start the company. Other shareholders include CJ E&M Holding with a 27.6 percent stake and Chinese investment and technology giant Tencent Holdings Ltd. with a 22.2 percent stake.

The company said it would use the funds for mergers and acquisitions, with a goal to become a global to- five game firm by 2020.

Image: Netmarble