Webtoon Entertainment, the world’s largest web comic platform, has announced its market value at $2.67 billion (£2.11 billion) in anticipation of its US listing. The company’s shares are scheduled to start trading on the Nasdaq stock exchange on June 27 at $21 each, which is at the top end of their marketed range.
The Los Angeles-based Webtoon Entertainment is a subsidiary of South Korean technology giant Naver, which has seen significant growth due to the rising global popularity of Korean and Japanese comics. Webtoon boasts 170 million monthly active users across more than 150 countries.
In its initial public offering (IPO), Webtoon plans to sell 15 million shares, aiming to raise $315 million. Additionally, the world’s largest fund manager, BlackRock, has shown interest in purchasing up to $50 million worth of shares.
Webtoon Entertainment owns several popular platforms including the Japanese web comic and manga app Line Manga, the web novel platform Wattpad, and the Korean web comic service Naver Webtoon. The platform offers thousands of titles across various genres such as action, romance, horror, and science fiction.
The webtoon industry, which specializes in online-only comics optimized for mobile reading, originated in South Korea two decades ago. It has since become a significant cultural phenomenon globally, alongside K-pop and Korean dramas. Webtoons are relatively inexpensive to produce, with a single artist capable of creating content using a tablet, leading to high profitability for popular titles.
The industry was valued at $4.7 billion in 2021 and is projected to grow to $60.1 billion by 2030, according to Spherical Insights & Consulting.
