Webtoon Entertainment, the parent company of Naver Webtoon, successfully completed its first day of trading on the Nasdaq on the 27th (local time), rising nearly 10%.
On the Nasdaq market that day, Webtoon Entertainment started trading at $21.30, up 1.4% from the offering price, and closed the day at $23, up 9.52%. During the session, the stock price rose as much as 14%.
Earlier, in the securities registration statement submitted to the U.S. Securities and Exchange Commission (SEC), Webtoon Entertainment proposed a price range of $18 to $21 per share for the stock offering. The offering price was set at the top end of $21, and with the stock price rising about 10% on the first trading day, the Nasdaq debut was considered a success.
Through this listing, Webtoon Entertainment issued 15 million common shares. Applying the offering price, it is expected to raise $315 million (approximately 440 billion KRW). The company’s valuation reaches about $2.9 billion (approximately 4 trillion KRW).
The listing ceremony for Webtoon Entertainment was attended by Lee Hae-jin, founder of Naver and Global Investment Officer (GIO), and Kim Jun-gu, CEO of Webtoon Entertainment, among others.
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