Naver-Backed Webtoon Likely to Price IPO at Top of Range
(Bloomberg) -- Online comics company Webtoon Entertainment Inc. priced shares in its US initial public offering at the top of a marketed range to raise $315 million.
Most Read from Bloomberg
24-Hour Stock Trading Is Booming – and Wall Street Is Rattled
Trump as President or Private Citizen: Why Supreme Court’s Immunity Ruling Is a Test
France’s Market Rally Falters as Investors See Enduring Risk
Justice Department to Charge Boeing, Seeks Guilty Plea From Planemaker
The company, backed by South Korea-based Naver Corp., sold 15 million shares after marketing them for $18 to $21, according to terms of the deal confirming an earlier report by Bloomberg News.
Accounts managed by BlackRock Inc. had indicated an interest in purchasing up to $50 million in shares as a cornerstone investor, the company said in its filings with the US Securities and Exchange Commission.
At the IPO price, Webtoon has a market value of about $2.7 billion, according to Bloomberg calculations.
Naver will own more than 60% of the company’s shares after the offering is completed and Tokyo-based LY Corp. will have about a 25% stake, according to the filings.
Webtoon connects 24 million creators with about 170 million monthly active users in more than 150 countries. It had a net loss of $145 million on revenue of $1.28 billion last year.
Naver, which provides online services from search and shopping to social media, had considered listing the Webtoon business since 2021, around the time the novel medium began to catch on in major markets such as the US. Today, webtoons are considered one of South Korea’s more successful cultural exports alongside K-pop and drama series, driving business for Naver and rival Kakao Corp.
The offering is being led by Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and Evercore Inc. The company’s shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol WBTN.
(Updates throughout with pricing from term sheet.)
Most Read from Bloomberg Businessweek
The Fried Chicken Sandwich Wars Are More Cutthroat Than Ever Before
Japan’s Tiny Kei-Trucks Have a Cult Following in the US, and Some States Are Pushing Back
RTO Mandates Are Killing the Euphoric Work-Life Balance Some Moms Found
The FBI’s Star Cooperator May Have Been Running New Scams All Along
©2024 Bloomberg L.P.