Featured Image and IPO Details: Naver’s Webtoon Platform Plans $315M U.S. IPO

Naver’s online comics platform, Webtoon Entertainment, is making waves with its initial public offering (IPO) in the U.S., aiming to raise up to $315 million. The California-based company has started trading on the Nasdaq Global Selection Market today, offering 15 million common stock shares at $21 each, with the option for underwriters to purchase an additional 2.25 million shares.

As a subsidiary of Korean tech giant Naver Corporation, the U.S.-based Naver U.Hub is also issuing nearly 2.4 million common stock shares at the same IPO price, adding an extra $50 million to the offering. If the IPO reaches its target, Webtoon could be valued at nearly $2.7 billion.

Webtoon is a popular platform that provides access to a wide range of Japanese and Korean webcomics and novels, boasting nearly 170 million monthly active users in over 150 countries and featuring more than 24 million creators. The platform has become a powerhouse in the ‘webtoon’ industry, which is predicted to become a $60 billion business by 2030.

The growing interest in content from Japan and Korea, especially in the U.S., has led to an influx of TV and film adaptations from the sector, particularly in genres like fantasy and romance. Recently, James Van Der Beek was announced as the star of Tubi Original “Sidelined: The QB and Me,” based on a Wattpad story by Tay Marley. Wattpad and Webtoon merged their production operations in 2021 to form Wattpad Webtoon Studios, led by former Fox entertainment chief David Madden.

With Webtoon’s successful IPO and the continued growth of the webtoon industry, the future looks bright for digital comic and novel creators and enthusiasts alike.