financetom
Business
financetom
/
Business
/
Webtoon Entertainment prices US IPO at top of range to raise about $315 million
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Webtoon Entertainment prices US IPO at top of range to raise about $315 million
Jun 26, 2024 5:31 PM

(Reuters) - Webtoon Entertainment has priced its initial public offering (IPO) at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday.

The company, majority-owned by South Korean tech giant Naver, priced its 15 million shares at $21 apiece, and had marketed the range of $18 to $21. 

The IPO now values the Los Angeles, California-based company at $2.67 billion.

Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and Evercore Group are the lead underwriters for the IPO.

Webtoon was founded in 2005 as a side project of CEO Junkoo Kim while he was working as a search engineer at Naver.

The company, whose roots are in Korea, is a storytelling platform that is home to thousands of titles across multiple genres including fantasy, action, romance and horror.

Webtoon has about 170 million monthly active users in more than 150 countries around the world.

The company's offerings include Japanese web-comic and manga app Line Manga, web-novel platform Wattpad and Korean web-comic offering Naver Webtoon.

Certain funds and accounts managed by world's largest asset manager BlackRock had indicated an interest in buying up to $50 million worth of shares sold in the offering.

Separately, Naver's U.S. subsidiary Naver U.Hub had agreed to buy $50 million worth of shares of Webtoon in a concurrent private placement.

Webtoon's shares are expected to being trading on the Nasdaq Global Select Market on June 27 under the symbol "WBTN".

(This story has been refiled to add the dropped dollar symbol in paragraph 3)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
FOCUS-Congo's Gecamines offers $1 mln to block Chinese deal with cobalt miner Chemaf
FOCUS-Congo's Gecamines offers $1 mln to block Chinese deal with cobalt miner Chemaf
Nov 22, 2024
* Chemaf cash crunch worsens as Norinco deal stalls * US officials say alternative to Norinco must be found, source says * Gecamines says China's Norinco will not buy Chemaf assets By Felix Njini, Pratima Desai and Julian Luk JOHANNESBURG /LONDON, Nov 22 - The Democratic Republic of Congo's state miner Gecamines is offering $1 million to buy cobalt and...
Trulieve Cannabis Reports Insider Share Purchases Reflecting
Trulieve Cannabis Reports Insider Share Purchases Reflecting "Confidence" in Co; Also Opening Medical Cannabis Dispensary in Jacksonville, Florida
Nov 22, 2024
08:45 AM EST, 11/22/2024 (MT Newswires) -- Trulieve Cannabis ( TCNNF ) said Friday that several members of its executive management team and board of directors recently made purchases of the company's subordinate voting shares. Trulieve said the purchases reflect their confidence in the company's growth potential and direction. Between Nov. 8 and Nov. 21, certain executives including Chairman and...
SiteOne Landscape Supply Insider Sold Shares Worth $924,300, According to a Recent SEC Filing
SiteOne Landscape Supply Insider Sold Shares Worth $924,300, According to a Recent SEC Filing
Nov 22, 2024
08:43 AM EST, 11/22/2024 (MT Newswires) -- Joseph Ketter, EVP, Human Resources, on November 21, 2024, sold 6,500 shares in SiteOne Landscape Supply ( SITE ) for $924,300. Following the Form 4 filing with the SEC, Ketter has control over a total of 12,942 shares of the company, with 12,942 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1650729/000110465924121859/xslF345X05/tm2429202-1_4seq1.xml ...
Halozyme withdraws $2.1 bln buyout offer for Evotec
Halozyme withdraws $2.1 bln buyout offer for Evotec
Nov 22, 2024
Nov 22 (Reuters) - Halozyme Therapeutics ( HALO ) said on Friday it had withdrawn its proposal to acquire Evotec SE for 2 billion euros ($2.09 billion) after the German drug developer was unwilling to engage in discussions. ($1 = 0.9587 euros) (Reporting by Sriparna Roy in Bengaluru; Editing by Devika Syamnath) ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved