'US Listed' Naver Webtoon, Nasdaq IPO Price Set at $21 Per Share

Corporate Value Expected to Reach 3.7 Trillion Won

Bloomberg reported on the 26th (local time) that the offering price of Naver Webtoon, which is set to be listed on the New York Stock Exchange in the United States the next day, was decided at the upper end of the desired range, $21 per share. The corporate value applying the upper limit of the offering price is expected to reach about $2.7 billion (approximately 3.7 trillion KRW).

Naver Webtoon logo

Webtoon Entertainment, the headquarters of Naver Webtoon and its North American subsidiary, previously presented a desired range of $18 to $21 per share for the stock offering price in the securities registration statement submitted to the U.S. Securities and Exchange Commission (SEC). The decision to set the offering price at the top end of $21 per share is interpreted as reflecting strong interest from local investors in Webtoon Entertainment.

Accordingly, Webtoon Entertainment is expected to raise $315 million (approximately 440 billion KRW) by issuing 15 million common shares through its initial public offering (IPO). The post-listing corporate value applying the upper limit of the offering price is about $2.7 billion.

Webtoon Entertainment is scheduled to be traded on the Nasdaq market starting from the 27th under the ticker symbol ‘WBTN’. After the listing is completed, Naver’s stake in Webtoon Entertainment will be 63.4%, giving it the authority to appoint directors as the controlling shareholder. Another shareholder, Line Yahoo (LY Corporation), will hold a 24.7% stake.