Naver Webtoon went public on the Nasdaq stock market on June 27 (local time) with an initial public offering price of $21 per share. Kim Jun-koo, the CEO of Naver Webtoon, said, “Webtoons are now recognized as a global industry.” With the funds raised from this IPO, Naver Webtoon plans to enhance its AI technology and expand its advertising business.
On its first day on the New York Stock Exchange, Webtoon Entertainment, Naver Webtoon’s parent company, saw its stock price surge by 10% during trading, marking a successful debut. Webtoon Entertainment issued 15 million common shares, aiming to raise $315 million. Based on the initial trading price of $23 per share, the company’s post-IPO valuation is estimated to be around $2.9 billion.
Naver Webtoon considers the diversity of its intellectual property one of its greatest strengths. During an online press conference held shortly after the listing, Kim said, “Content from Korean creators has become a role model for American creators, and local American content is inspiring creativity in French creators, creating a virtuous cycle. With our existing pool of diverse creators, our stories will become even more varied.” Currently, there are 24 million creators and 55 million pieces of content on the Naver Webtoon platform.
Naver Webtoon, which began its service in South Korea in 2005, launched its English webtoon service in 2014 and established its U.S. subsidiary, Webtoon Entertainment, in 2016. In 2020, Webtoon Entertainment became the headquarters, and Naver Webtoon was integrated as a subsidiary. Naver Webtoon is the first Naver affiliate to be listed on the U.S. stock market.
