Webtoon Entertainment announced that its initial public offering (IPO) has been priced at the high end of its estimated range, planning to raise approximately $315 million. The online comics platform said on Wednesday.
The company, controlled by South Korean tech giant Naver, issued 15 million shares priced at $21 each, with the previous estimated range being $18 to $21 per share.
The IPO values the Los Angeles-based company at $2.67 billion.
Goldman Sachs, Morgan Stanley, JPMorgan Securities, and Evercore Group are the main underwriters for the IPO.
Founded in 2005, Webtoon originated as a side project by CEO Kim JunKoo while working as a search engineer at Naver.
The company, which originated in Korea, is a storytelling platform hosting thousands of works across various genres, including fantasy, action, romance, and horror.
Webtoon has approximately 170 million monthly active users in over 150 countries worldwide.
The company's products include Japanese webcomics and the manga app Line Manga, the web novel platform Wattpad, and the South Korean webcomic product Naver Webtoon.
Certain funds and accounts managed by BlackRock, the world's largest asset management firm, have expressed interest in purchasing up to $50 million worth of shares in the offering.
Additionally, Naver's U.S. subsidiary Naver U.Hub has agreed to purchase $50 million worth of Webtoon stock in a concurrent private placement.
