Webtoon Entertainment (WBTN.O) has priced its initial public offering (IPO) at $21 per share, the top of its indicated range, aiming to raise approximately $315 million, the online comics platform announced on Wednesday. Majority-owned by South Korean tech giant Naver (035420.KS), Webtoon marketed the shares within a range of $18 to $21, now valuing the Los Angeles-based company at $2.67 billion.
Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, and Evercore Group are the lead underwriters for the IPO. Founded in 2005 by CEO Junkoo Kim, Webtoon is a storytelling platform featuring thousands of titles across various genres. It boasts around 170 million monthly active users in over 150 countries.
BlackRock funds expressed interest in buying up to $50 million worth of shares, while Naver’s U.S. subsidiary, Naver U.Hub, agreed to purchase an additional $50 million in a concurrent private placement. Webtoon’s shares will trade on the Nasdaq Global Select Market under the symbol “WBTN” starting June 27.