Posted in: Comics, Current News | Tagged: NASDAQ, Webtoon
The world’s biggest publisher of comics, Webtoon, us trading on the Nasdaq stock exchange today, setting a market value of $2.67 billion.
Article Summary
- Webtoon debuts on Nasdaq with a market valuation of $2.67 billion.
- Naver retains 60% stake post-IPO, aiming to raise $315 million.
- Webtoon reports 170M monthly users, with $1.3 billion revenue in 2023.
- Global platform features adaptations on Netflix and other streaming services.
The world’s biggest publisher of comics, Webtoon Entertainment, has started trading shares on the Nasdaq stock exchange today, at $21 a share, setting a market value of $2.67 billion. The Los Angeles-based company is majority-owned by South Korean technology giant Naver, and reports 170 million monthly active users in more than 150 countries around the world. It is aiming to sell 15 million shares and raise $315 million in the initial public offering or IPO. An additional 2,380,952 shares of common stock will be issued to Naver Corporation for $21 each, raising another $50 million. And fund manager BlackRock has expressed interest in buying up to $50 million worth of those shares.
Webtoon was founded in 2005 by its current CEO, Junkoo Kim, while working for South Korean technology giant Naver Corporation. And Naver will still own over 60% of the shares in Webtoon after the sale, while Japan’s LY Corporation will own 25%. Webtoon Entertainment also owns webcomic and manga app Line Manga, Korean webcomic offering Naver WeWebtoon, acquired Canadian digital publisher Wattpad, and the print comics publisher Webtoon Unscrolled.
Webtoon Entertainment allows comic book creators to publish their work in a vertical scrolling reading platform. A number of titles have seen adaptations for the screen courtesy of Netflix, Prime Video, and Crunchyroll. The publisher generated $1.3 billion in revenue in 2023 but posted a net loss of $145 million. Webtoon shares will trade under the stock symbol WBTN. Goldman Sachs, Morgan Stanley, JPMorgan Chase and Evercore managed the offering.
Popular Webtoon titles include Batman: Wayne Family Adventures by StarBite and CRC Payne, Melting Slowly by Team SABANA and Team J, Candid Hearts by antlerella, The Exiled Hero by Bluecliffe and GGULBEOM, Vampire Family by unfins, My Lord was Already Into Me When I Noticed by Yearend and Gyosi, Star Catcher by Ro-taniah, Do Not Hold on to the Broken Branch by CAPTAIN and jocopia, Savior of Divine Blood by Eto Shunji and silou, The Extra’s Academy Survival Guide by Korita and GREEN KYRIN, Why I Quit Being the Demon King by Daeil Kim and Agra, The Mafia Nanny by sh00 and Violet Matter, School Bus Graveyard by Red, Lore Olympus by Rachel Smythe, Not Your Typical Reincarnation Story by Lemon Frog / A-jin, My In-Laws are Obsessed with Me by seungu and Han Yoon seol, Love 4 a Walk by Nuria Sanguino, I’m the Queen in This Life by Themis and Omin, Operation: True Love by kkokkalee and Dledumb. The Kiss Bet by Ingrid Ochoa and Omniscient Reader by singNsong and UMI, The Little Trashmaid by s0s2, Boy Girlfriend by Pastaflavour, Monsters and Girls by Idolomantises, I Think I Like You by YeenTrash, Crow Time by Secondlina_Isa, Meme Girls by Merryweather Media, Golden Hour by stephatty, The Dragon Tamer by pommu, Eldritch Darling by mishacak3s, and Duncan and Eddie by doginacafe.
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