Webtoon Entertainment, the online comics platform backed by South Korean tech giant Naver, experienced a robust debut on Nasdaq, with shares rising as much as 14.3% above their initial public offering (IPO) price. The stock opened at $21.30, providing the company with a valuation of $2.71 billion, and traded as high as $24 before settling at $22.86 by midday. By the end of Thursday, shares closed at $23, giving Webtoon a market value of approximately $2.9 billion.
The IPO raised $315 million for Webtoon, with the company selling 15 million shares at the top end of the marketed range of $18 to $21. Additionally, Webtoon sold about 2.4 million shares to Naver in a concurrent private placement, garnering nearly $50 million in proceeds. Notably, BlackRock Inc. indicated an interest in purchasing up to $50 million in shares as a cornerstone investor.
Webtoon, founded in 2005 by CEO Junkoo Kim as a side project while he was a search engineer at Naver, has evolved into a prominent storytelling platform. It hosts thousands of stories across more than 20 genres, including fantasy, romance, comedy, and horror, attracting a user base that is predominantly under the age of 25. The format, which originated in Korea, has become globally popular, contributing to the success of Korean cultural exports alongside K-pop and K-dramas.
The company plans to utilize the IPO funds to accelerate its growth in North America, aiming to achieve a user base and advertising revenue comparable to its success in South Korea and Japan. Webtoon will also invest in technology such as artificial intelligence to aid content creators and diversify its offerings. “Platform business takes up about 80% of our sales, advertising 10%, intellectual property business 10%. In all three areas, we have great room to grow,” said Chief Strategy Officer Yongsoo Kim.
Webtoon’s platform connects 24 million creators with approximately 170 million monthly active users across 150 countries. Over the past decade, creators have produced 55 million episodes, with many webtoons being adapted into popular dramas and movies on streaming services like Netflix, Amazon Prime Video, and Apple TV.
As Webtoon continues to expand globally, it remains focused on exploring different business models in various regions. In Japan, the company aims to generate more revenue from existing customers, while in France, it seeks to develop a new market. The offering was led by major financial institutions, including Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Evercore, and the company’s shares are now traded under the symbol WBTN on the Nasdaq Global Select Market.
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