Webtoon Entertainment Seeking $2.6 Billion via IPO in USA

Online 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.