Webtoon Entertainment
Webtoon Entertainment - majority owned by South Korean tech giant Naver - has priced its initial public offering (IPO) at the top of its indicated range, aiming to raise about $315 million.
Specifically, in the price range of 18 - 21 USD, this company priced its 15 million shares at the highest level of 21 USD/share.
The IPO now values the Los Angeles-based company at $2.67 billion. Goldman Sachs, Morgan Stanley, JP Morgan Securities and Evercore Group are the lead underwriters for the IPO.
Webtoon Entertainment was founded in 2005 and is a comic platform with thousands of titles in various genres such as fantasy, action, romance, and horror.
Webtoon Entertainment has approximately 170 million monthly active users in over 150 countries around the world.
Korean companies like Naver and Kakao are leading the digital transformation of the comics industry with popular online titles around the world, following the impressive global success of Korean music and movies.
Online comics are becoming a growing source of entertainment industry. TV series such as Lovely Runner, Moving, Hellbound are all based on online comics.
The world's largest investment fund BlackRock has registered with the US Securities and Exchange Commission about its desire to buy $50 million worth of shares in Webtoon Entertainment.
"With the explosive growth of the online comic industry in recent years, a U.S. listing will be successful," said Mirae Asset Financial Group analyst Im Hee Seok.
Webtoon Entertainment's main markets are South Korea and Japan, with 27% of its global readership.
Korean companies are expanding beyond the region and building audiences in Europe, Latin America and Southeast Asia.
CEOs hope the success of television series based on online comics will bring new international readers to their platforms."
Source: https://tuoitre.vn/nen-tang-webtoon-hang-dau-the-gioi-cua-han-quoc-niem-yet-tren-san-nasdaq-20240629195652975.htm
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