gree IPO

Japan’s second largest SNS, Gree, has IPOed, at 4800 yen for a total market cap of $1.2 billion with a b dollars (on annual profits of $10 million?!?!)

I have a gree account, have had one for a while.  I’m an AU user too (AU’s mobile SNS is gree.)  Maybe I’m blind but I just don’t see the $1 billion in value here.

3 comments on “gree IPO
  1. Chang says:

    So the PER is 100 and it does seem too high.

  2. Jeff Lippold says:

    Free mobile games?
    Wicked racket. Gotta start me a mobile SNS…

  3. PE for 2009 estimated earnings is 30x, 2010 PE is 19.8x – which versus Mixi on 38x and 30x respectively looks cheap for better growth..