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".