** Hankuk University of Foreign Studies攀攀NCsoft is an innovative internet-based entertainment company which is recognized as a model case of IT industry in Korea. Established in 1997, NCsoft quickly grew with its first product Lineage, a multiplayer on-line role playing game, became a smash hit with gamers around the world. In this case analysis, we investigate the company's growth path and strategy based on understanding business environments and characteristics of game industry worldwide. In particular, we focus our interests on the first half of 2000, when the plan for going public was formulated. The initial public offering is one of the most important events for most venture firms to finance capital from investors in general. We address such issues as how to value IPO, how to set the final offering price, and what constitutes the success in IPO. It is especially intended to emphasize the process of settling conflicts of interest between the entrepreneur and the underwriting company.