Naver‘s on-line comics platform Webtoon Leisure is looking for to boost as a lot as $315M by way of an preliminary public providing within the U.S.
The California-based Webtoon begins buying and selling on the Nasdaq World Choice Market right this moment and is providing 15 million in frequent inventory at a value of $21 a share, with underwriters given the choice to purchase a further 2.25 million shares on the identical value within the subsequent 30 days.
A subsidiary of Korean tech large Naver Company, the U.S.-based Naver U.Hub, is individually being issued almost 2.4 million frequent inventory shares on the identical IPO value, producing a further $50M.
Ought to the IPO attain the goal Naver has set, it might worth Webtoon at almost $2.7B.
The platform provides entry to hundreds of Japanese and Korean webcomics and novels. It claimed to have almost 170 million month-to-month energetic customers in additional than 150 international locations on the finish of March, with greater than 24 million creators. It additionally homes internet comedian and manga app Line Manga, internet novel platform Wattpad and Korean internet comedian platform Naver Webtoon.
Webtoon’s standing has grown as attention-grabbing round content material from Japan and Korea continues to develop, particularly within the U.S., although the ‘webtoon’ trade, because it’s recognized, has been operational for twenty years and is predicted by analysts to grow to be a $60B enterprise by 2030.
Increasingly TV and movie diversifications are popping out of the sector in genres resembling fantasy and romance. Simply this month, Deadline revealed James Van Der Beek is starring in Tubi Authentic Sidelined: The QB and Me, which relies on a Wattpad story from Tay Marley, for instance. Toronto-based Wattpad and Webtoon merged their manufacturing operations in 2021 to kind Wattpad Webtoon Studios, which former Fox leisure chief David Madden leads.