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Naver-Backed Webtoon Entertainment Prices US IPO at $21 Per Share, Raising $315 Million with 15.0 Million Shares

Jun 26, 2024, 10:44 PM

Webtoon Entertainment Inc., a global storytelling platform backed by South Korea's Naver, has priced its US IPO at $21 per share, the high end of its marketed range. This pricing values the company at approximately $2.7 billion and is expected to raise $315 million. Webtoon, which reported $1.30 billion in trailing twelve months (TTM) revenue with an 18.84% year-over-year growth, will debut on Thursday. Naver will retain over 60% ownership, while LY Corp. will hold 25%. The IPO involves a full-size deal of 15.0 million shares.