JUNEASIA BUSINESS OUTLOOK8WEBTOON ENTERTAINMENT SEEKING $2.6 BILLION VIA IPO IN USASOUTH KOREA'S ECONOMIC SITUATION DEMANDING RATE CUTSOnline comics platform Webtoon Entertainment announced on Monday that it is targeting a valuation of up to $2.67 billion in its initial public offering (IPO) in the United States. The company, which is majority-owned by South Korean tech giant Naver, aims to raise up to $315 million by offering 15 million shares priced between $18 and $21 each.Based in Los Angeles, California, Webtoon is joining a number of companies that are capitalizing on improving investor sentiment towards stock market listings. This positive trend is driven by increasing optimism about a potential soft landing for the U.S. economy.Webtoon Entertainment has garnered interest from major investors, including certain funds and accounts managed by asset manager BlackRock, which have indicated their interest in purchasing up to $50 million worth of shares in the IPO.The company plans to list its shares on the Nasdaq Global Select Market under the symbol "WBTN". The lead underwriters for the offering are Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, and Evercore Group.By going public, Webtoon Entertainment seeks to leverage the strong market conditions and the growing interest in digital content platforms, aiming to further expand its footprint in the global online comics market. Prices are stabilising, creating an environment for rate cuts in South Korea, according to a senior presidential official on Sunday. "(South Korea) is one of the countries with the most stable price levels when compared to other countries globally," Sung Tae-yoon, policy chief for South Korean President Yoon Suk Yeol, told public broadcaster KBS."Therefore, I believe an environment where rates can be lowered is being created," Sung stated.South Korea's consumer inflation fell for the second consecutive month in May to a 10-month low, according to official data released on Tuesday, falling short of market expectations.The consumer price index (CPI) in May was 2.7 percent higher than a year ago, slower than the 2.9 percent increase in April and the 2.8 percent gain predicted by a Reuters survey of economists. It marked the slowest annual increase since July."As exports continue to improve and prices, the criteria for monetary policy, stabilise, monetary policy will also be able to be dealt with flexibly," Sung said on television.South Korea's exports increased for the eighth consecutive month in May, boosted by strong chip sales, though overall shipment growth lagged market expectations, trade data showed earlier. NEWSROOM
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