Webtoon IPO: Stock price will be closely watched today as comics platform debuts on Nasdaq

The latest tech company to go public is Los Angeles-based Webtoon Entertainment, a platform for content creators who make and sell digital comic books and manga. Here’s what you need to about Webtoon and its initial public offering.

What is Webtoon?

Webtoon Entertainment is a digital platform for content creators. The company allows comic book and manga artists to publish their work on the platform to reach audiences around the world.

Webtoon was founded in 2005 by its current CEO, Junkoo Kim, when he was working for South Korean technology giant Naver Corporation, which owns the majority of Webtoon. After the IPO, Naver will own over 60% of the shares in Webtoon and Japan’s LY Corporation will own about 25% of them, according to Bloomberg (via Yahoo Finance).

Besides offering Webtoon Originals and creator-owned series to readers, the platform has also seen its comics and manga receive adaptations on streamers such as Netflix, Prime Video, and Crunchyroll.

What is Webtoon’s revenue and user base?

Webtoons says it has over 24 million creators operating on its platform. In total, those creators have created more than 450,000 webcomics.

As of the quarter that ended March 31, 2024, around 170 million monthly active users (MAUs) show up to read those comics. Webtoon says it generated $1.3 billion in revenue in 2023.

When is Webtoon’s IPO?

Webtoon priced its shares on Wednesday. The stock is expected to begin trading today: Thursday, June 27, 2024.

What is Webtoon’s stock ticker?

Webtoon shares will trade under the stock symbol “WBTN.”

What market will Webtoon trade on?

Webtoon shares will trade on the Nasdaq Global Select Market (NQGS).

How many Webtoon shares are available in its IPO?

For its initial public offering, Webtoon says it is offering 15 million shares of common stock.

What is Webtoon’s IPO price?

WBTN stock was priced at $21 per share, the top of its estimated range. At that price, Webtoon’s IPO will raise approximately $315 million. The company also says that an additional 2,380,952 shares of common stock will be issued to Naver Corporation for $21 each. That will raise another $50 million for Webtoon.

How much is Webtoon worth?

The IPO values Webtoon at $2.67 billion, according to Reuters.