Naver Webtoon Considers IPO in US Market (Comprehensive Report 1)

Hansung-suk CEO "The First Year of Global Leap"
Strengthening Overseas Presence with Additional Dollar Bond Issuance

[Asia Economy Reporters Kwon Jae-hee and Boo Ae-ri] South Korea's largest portal site Naver is considering listing its webtoon platform 'Naver Webtoon' on the U.S. stock market. It also plans to expand the issuance scale of dollar-denominated bonds, which it first sold last month.

Park Sang-jin, Naver's Chief Financial Officer (CFO), said in an interview with Bloomberg on the 20th (local time), "To strengthen our overseas presence, we will issue additional dollar-denominated bonds and are also considering the possibility of Naver Webtoon's initial public offering (IPO) on the U.S. stock market in the future."

Bloomberg reported that while Naver Webtoon does not currently have plans for additional fundraising, it may consider listing once its business stabilizes in the U.S. and it becomes known to American investors. Last December, Naver Webtoon relocated its headquarters from Korea to Los Angeles, USA. Naver Webtoon is strengthening its storytelling business in the North American market through its webtoon unit and Wattpad.

CFO Park added, "To grow, it is inevitable to expand globally," and "We need to seek business opportunities and meet capable partners to complement our assets."

This move by Naver Webtoon is interpreted as a foundation for competing in the global market. Han Seong-sook, CEO of Naver, emphasized, "This year is the first year Naver can leap beyond Asia to become global," highlighting that the North American market strategy will be the first step.

It appears that Coupang's successful listing on the U.S. Nasdaq market last month also influenced this decision.

Bloomberg interpreted, "Coupang's Nasdaq listing shows companies' efforts to expand globally and investors' willingness to provide funding for this," adding, "Naver is moving to compete with Google."