NAVER is showing a strong gain of over 2% in early trading amid expectations for the Nasdaq listing of its subsidiary Webtoon Entertainment (hereinafter Webtoon Enter).
As of 9:09 a.m. on the 3rd, NAVER is trading at 173,700 KRW, up 3,500 KRW (2.06%) from the previous close. This is the first time in 12 trading days that NAVER has shown an upward trend. On the 31st of last month, the stock fell to 170,000 KRW during the session, marking a 52-week low.
The anticipation of Webtoon Enter’s Nasdaq listing is believed to have driven the stock price up. NAVER’s subsidiary Webtoon Enter submitted a securities registration statement (S-1) on the 31st of last month, aiming for an initial public offering (IPO) on the U.S. Nasdaq. Junho Lee, a researcher at Hana Securities, stated, “Currently, the global market estimates the company’s value at 3 to 4 billion USD, which appears to be within the appropriate range of previous evaluations,” adding, “The Nasdaq listing itself can provide marketing effects in the North American market and secure funds for investment.” He further explained, “If the funds raised through the listing are used for North American market penetration, additional mergers and acquisitions (M&A) to expand the proportion of intellectual property (IP) content, and collaborations, and if an increase in sales is confirmed along with these concrete plans, it could contribute to NAVER’s corporate value.”
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