Webtoon Entertainment, a digital comic company backed by South Korean tech giant Naver, has launched its initial public offering (IPO) on the Nasdaq with a ticker symbol of WBTN. The company aims to raise up to $315 million by offering 15 million shares priced between $18 and $21 each. BlackRock has expressed interest in purchasing up to $50 million worth of shares sold in the IPO. The IPO will take place on June 27, 2024. The lead underwriters for the offering are Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, and Evercore Group. The estimated post-listing market value of Naver Webtoon is projected to be $2.67 billion [594a42af].
Webtoon Entertainment, known for its digital comics platform Naver Webtoon, has quickly gained a valuation of over $2.7 billion. The company, founded by Junkoo Kim in 2005, produces content in installments or 'episodes' and has 170 million active monthly users across more than 100 countries. It focuses on the teenaged demographic and non-superhero genres, allowing anyone to create content. Webtoon has 55 million titles and 24 million creators, with its professional creators earning $48,000 a year on average. The company's revenue comes from customer payments, advertising, and adaptations of its titles [189dc20b].
Webtoon Entertainment sees growth possibilities in Hollywood and aims to be a major player in the next five years. The company's IPs are data-driven, as it mines user data to understand preferences and markets. In Korea, half of what Netflix produces locally is based on Webtoon IP. Some recent titles that attracted Hollywood attention include 'Death of a Pop Star' and 'Freaking Romance' [189dc20b].