Naver’s Comic Platform Webtoon Entertainment Seeks To Raise $315M Through U.S. IPO
deadline.comNaver‘s online comics platform Webtoon Entertainment is seeking to raise as much as $315M through an initial public offering in the U.S.
The California-based Webtoon begins trading on the Nasdaq Global Selection Market today and is offering 15 million in common stock at a price of $21 a share, with underwriters given the option to buy an additional 2.25 million shares at the same price in the next 30 days.
A subsidiary of Korean tech giant Naver Corporation, the U.S.-based Naver U.Hub, is separately being issued nearly 2.4 million common stock shares at the same IPO price, generating an additional $50M.
Should the IPO reach the target Naver has set, it would value Webtoon at nearly $2.7B. The platform offers access to thousands of Japanese and Korean webcomics and novels.
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