WebToon Entertainment (WBTN) priced its shares at the top range as it readied for an initial public offering IPO. The online comic platform had many web fans who bought its shares but needed asset managers to pick bulk shares of the company.
The stock opened at $21.30, and Webtoon was valued at $2.71 billion. CWEB analyzes the popular platform’s recent public offering, including its initial surge and small dip on opening day.
Webtoon stock rose to $24 after its $21.30 opening, but it stabilized at $22.86 by midday Thursday. The platform, backed by South Korean tech giant Naver, sold 15 million shares at the top of the marketed range of $18 to $21 and raised $315 million.
Storytelling platform Webtoon was founded in 2005. Junkoo Kim was a former search engineer at Naver, and developed the platform as a side project. The platform has short-form comics that are mobile friendly.
The format became popular in South Korea and worldwide due to its low cost and easy accessibility. The global rise of K-pop and K-D added to its success.
Webtoon has also raised $50 million by selling 2.4 million shares to Naver through a private placement at the public offering price. BlackRock also indicated it was interested in buying bulk shares, but the purchase has not yet been confirmed.
The Los Angeles, California-based company has its roots in South Korea. It offers short web comics across genres and thousands of comics based on fantasy, action, romance, and horror.
Webtoon includes a Japanese webcomic and manga app called Line Manga. It also has Wattpad, a web-novel platform, and Naver Webtoon, a Korean web offering. CWEB believes that the company has a bright and prosperous future.
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