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Naver's Webtoon Entertainment targets up to $2.67 bln valuation in US IPO
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Naver's Webtoon Entertainment targets up to $2.67 bln valuation in US IPO
Jun 17, 2024 5:17 AM

June 17 (Reuters) - Online comics platform Webtoon

Entertainment said on Monday it is targeting a valuation of up

to $2.67 billion in its initial public offering in the United

States.

The company, majority-owned by South Korean tech giant Naver

, is aiming to raise as much as $315 million by

offering 15 million shares at a price range of $18 to $21 each.

Los Angeles, California-based Webtoon joins a roster of

companies looking to tap into improving investor appetite for

stock market listings amid rising bets of a soft landing for the

U.S. economy.

Certain fund and accounts managed by asset manager BlackRock ( BLK )

have indicated interest in purchasing up to $50 million

worth of shares sold in the IPO.

Webtoon Entertainment will list on the Nasdaq Global Select

Market under the symbol "WBTN".

Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and

Evercore Group are the lead underwriters for the offering.

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