Naver‘s on-line comics platform Webtoon Leisure is searching for to boost as a lot as $315M by means of an preliminary public providing within the U.S.
The California-based Webtoon begins buying and selling on the Nasdaq International Choice Market right now 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 similar value within the subsequent 30 days.
A subsidiary of Korean tech big Naver Company, the U.S.-based Naver U.Hub, is individually being issued almost 2.4 million frequent inventory shares on the similar IPO value, producing a further $50M.
Ought to the IPO attain the goal Naver has set, it will worth Webtoon at almost $2.7B.
The platform affords entry to hundreds of Japanese and Korean webcomics and novels. It claimed to have almost 170 million month-to-month lively customers in additional than 150 international locations on the finish of March, with greater than 24 million creators. It additionally homes net comedian and manga app Line Manga, net novel platform Wattpad and Korean net comedian platform Naver Webtoon.
Webtoon’s standing has grown as fascinating round content material from Japan and Korea continues to develop, particularly within the U.S., although the ‘webtoon’ trade, because it’s identified, has been operational for twenty years and is predicted by analysts to change into a $60B enterprise by 2030.
An increasing number of TV and movie diversifications are popping out of the sector in genres equivalent to fantasy and romance. Simply this month, Deadline revealed James Van Der Beek is starring in Tubi Authentic Sidelined: The QB and Me, which is predicated on a Wattpad story from Tay Marley, for instance. Toronto-based Wattpad and Webtoon merged their manufacturing operations in 2021 to type Wattpad Webtoon Studios, which former Fox leisure chief David Madden leads.
