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Webtoon Entertainment prices US IPO at top of range to raise about $315 mln
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Webtoon Entertainment prices US IPO at top of range to raise about $315 mln
Jun 26, 2024 5:31 PM

June 26 (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 ( BLK ) 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".

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