WEBTOON Entertainment Sets IPO Price at $21, Targets $315 Million Raise

WEBTOON Entertainment Sets IPO Price at $21, Targets $315 Million Raise

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WEBTOON Entertainment Inc. (“WEBTOON”), a leading global entertainment company known for its popular storytelling platforms, announced the pricing of its initial public offering (IPO) of 15,000,000 shares of common stock at $21.00 per share. Additionally, WEBTOON has granted the underwriters a 30-day option to purchase up to 2,250,000 more shares at the public offering price, minus underwriting discounts and commissions.

The shares are set to begin trading on the Nasdaq Global Select Market on June 27, 2024, under the ticker symbol “WBTN,” with the offering expected to close on June 28, 2024, subject to standard closing conditions.

Goldman Sachs & Co. LLC and Morgan Stanley are leading the bookrunning for the offering, with J.P. Morgan and Evercore ISI as active bookrunning managers. Deutsche Bank Securities, UBS Investment Bank, and HSBC are serving as joint bookrunning managers, while Raymond James and LionTree are co-managers.

The gross proceeds to WEBTOON from the offering are anticipated to be approximately $315 million, before deducting underwriting discounts, commissions, and offering expenses. Additionally, WEBTOON will issue 2,380,952 shares of common stock to a subsidiary of NAVER Corporation at $21.00 per share, generating an additional $50 million.

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