Webtoon Entertainment has priced its initial public offering at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday.has priced its initial public offering at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday.Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and Evercore Group are the lead underwriters for the IPO.
Webtoon was founded in 2005 as a side project of CEO Junkoo Kim while he was working as a search engineer at Naver. The company, whose roots are in Korea, is a storytelling platform that is home to thousands of titles across multiple genres including fantasy, action, romance, and horror.The company's offerings include Japanese web-comic and manga app Line Manga, web-novel platform Wattpad and Korean web-comic offering Naver Webtoon.Separately, Naver's U.S. subsidiary Naver U.Hub had agreed to buy $50 million worth of shares of Webtoon in a concurrent private placement.
Webtoon's shares are expected to begin trading on the Nasdaq Global Select Market on June 27 under the symbol "WBTN."
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