Webtoon Entertainment Prices IPO at Top of Range, Aims to Raise $315 Million

Webtoon Entertainment, the online comics platform, has set the price of its initial public offering (IPO) at the top of its indicated range in an effort to raise about $315 million. The company, which is majority-owned by South Korean tech giant Naver, has priced its 15 million shares at $21 each, after marketing them in a range of $18 to $21.

The successful IPO now values the Los Angeles, California-based company at $2.67 billion. Leading the underwriting for the IPO are Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, and Evercore Group.

Company Background and User Base

Webtoon was established in 2005 as a side project of CEO Junkoo Kim during his tenure as a search engineer at Naver. The company, rooted in Korea, serves as a storytelling platform with a diverse range of genres, including fantasy, action, romance, and horror. With approximately 170 million monthly active users across more than 150 countries, Webtoon has established itself as a global platform for comic enthusiasts.

Investor Interest and Trading Debut

Certain funds and accounts managed by the world's largest asset manager, BlackRock, have shown interest in purchasing up to $50 million worth of shares offered in the IPO. Additionally, Naver's U.S. subsidiary, Naver U.Hub, has agreed to acquire $50 million worth of Webtoon shares in a simultaneous private placement.