Webtoon Entertainment Soars with Nasdaq Debut, Aims for Global Franchise Success

The company will use the proceeds from the IPO to expand its platform and advertising. Currently, platform operations account for 80% of total revenue, followed by 10% from advertising and intellectual property (IP) operations, which include adaptations to other formats such as TV series and films.

The company's IPO attracted investment from global investment firms like BlackRock, which Kim described as the investor who embraced our vision most quickly.

Chief Strategy Officer (CSO) Kim Yong-soo hinted that other major Wall Street firms were also key investors in the listing process, though he declined to disclose specific names.

Until now, the company has focused on attracting creators to improve diversity, but will now focus on strengthening its business models to increase profitability.

“The key point is that our operating cash flow is already positive and we have achieved profitability, which is different from many technology companies in the US market that often need financing for their operations,” said CSO Kim . While our core business is on track and growing without the need for capital, we plan to use investments strategically to enhance our platform and advertising capabilities, with the aim of accelerating our expansion into the northern market -American to achieve a status similar to that of Korea and Japan.

Webtoon Entertainment, a Los Angeles-based digital comics company owned by leading Korean portal site Naver, saw its stock price close 9.5% above its initial offering price.

Trading under the symbol WBTN, Webtoon Entertainment closed at $23, up 9.5% from its initial public offering price of $21.

At that price, the company will raise $315 million by offering 15 million common shares.

Webtoon Entertainment is currently valued at over $2.9 billion based on Thursday's closing stock price.

After the IPO, Naver will retain a 63.4% stake in Webtoon Entertainment and will remain the majority shareholder with the right to appoint directors to the board. Line Yahoo, the Tokyo-based operator behind Line and Yahoo Japan, will follow with a 24.7% stake in the company.

Webtoon Entertainment arrived at its current management form after a recapitalization between Naver Webtoon, its Korean subsidiary, and Line Digital Frontier, the operator behind Japanese digital comic service Line Manga, in 2020.

The following year, Naver acquired Toronto-based self-publishing platform Wattpad for $600 million and placed it under Webtoon Entertainment.

BY LEE JAE-LIM [[email protected]]

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